Renewable

May 2 (Renewables Now) - Brazil's Intelbras SA (BVMF:INTB3), a company focused on solutions in security, networks, communication and energy, has concluded the acquisition of a 100% equity stake in local photovoltaic (PV) equipment manufacturer Renovigi Energia Solar SA.

The closing of the transaction was made public on Friday by Intelbras after the firm received approval from its shareholders and the Brazilian antitrust regulator CADE.

According to the initial acquisition announcement, the purchase is valued at BRL 334.33 million (USD 68.3m/EUR 64.8m) in total.

The selling shareholders were Fluxo Solar Participacoes Ltda, CT Akimoto Participacoes Societarias Ltda, Grafeno Participacoes Societarias Ltda, Marzari Solar Participacoes Societarias Ltda, Akimoto Participacoes Societarias Ltda, C14 Participacoes Societarias Ltda and DD Participacoes Societarias Ltda.

Renovigi is a mid-sized company dedicated to manufacturing solar kits, panels, inverters and related equipment.

With this transaction, Intelbras can diversify its product portfolio as well as expand its associates' network and sales channels, thus reinforcing its solar business, the new owner added.

(BRL 1.0 = USD 0.204/EUR 0.194)

Join Renewables Now's free daily newsletter now!