Axia Energia announced on Monday, May 4th, the sale of its stake in four energy transmission assets, a move that is part of the company's portfolio restructuring process, following its privatization in 2022 .
The former Eletrobras has reached an agreement with Gebbras Participações, a subsidiary of the Colombian company Grupo Energía Bogotá (GEB), for the sale of its entire 49% minority stake in four special purpose entities (SPEs), for R$ 451.5 million.
The four assets total more than 1,000 kilometers of transmission lines, operating in the states of Goiás, Minas Gerais, Espírito Santo, Mato Grosso, Mato Grosso do Sul, and São Paulo. The group's estimated revenue for 2027 is R$ 218 million and its projected EBITDA is R$ 176 million.
Since ceasing to be a state-owned company, Axia has embarked on a process of streamlining and simplifying its portfolio, a strategy that has as one of its pillars the optimization of minority stakes, as is the case with the sale of assets to GEB.
At the beginning of the year, the company closed a deal with ISA Energia to exchange stakes in transmission assets, receiving R$ 1.17 billion in cash. Axia has carried out similar cross-shareholding unbundling operations in recent years with Neoenergia and Copel .
In 2025, Axia carried out significant divestments, such as the sale of its stake in Emae to Sabesp for R$ 476 million and of Eletronuclear to J&F for R$ 535 million.
The expectation is that more is to come. “The simplification agenda remains firm. We did a lot in 2025, but there are still assets that we are looking to divest,” said Elio Wolff, vice president of strategy and business development at Axia, last November, during the third-quarter earnings call .
In addition to simplifying the structure, divestments should help finance investments. For this year, Axia plans to invest R$ 14 billion in equipment modernization. This amount is 2.5 times greater than that recorded in 2022, the company's last year as a state-owned enterprise.
From GEB's perspective, the acquisition represents another step in strengthening the Colombian company's presence in Brazil.
In 2019, the company made headlines when it acquired, in partnership with the Spanish company Red Eléctrica Internacional, the electricity transmission company Argo Energia, controlled by Patria Investimentos and Temasek , for R$ 3.5 billion.
GEB began operating in the country in 2015, when it acquired a 51% stake in Furnas' transmission assets.
Axia's shares closed trading on Thursday, April 30, up 2.56% at R$ 62.05. Year-to-date, the shares have risen 24.1%, bringing the market capitalization to R$ 182.3 billion.
