Energisa brought Itaú into Denerge in a R$ 1.4 billion deal. The company announced to the market this Wednesday, April 22nd, the signing of a non-binding memorandum of understanding with the bank for the subscription of all preferred shares of the subsidiary.
The move will give Itaú a direct minority stake in Denerge and an indirect stake in assets such as Rede Energia, Energisa Mato Grosso do Sul, Energisa Sul-Sudeste, and Energisa Mato Grosso.
The agreement is non-binding and is subject to the fulfillment of precedent conditions, including approval from the Administrative Council for Economic Defense (Cade).
Furthermore, Energisa, Nova Denerge, Denerge, and Itaú will still have to negotiate and sign the final documents for the transaction, including the investment agreement and the shareholders' agreement.
According to the structure outlined in the memorandum, Itaú will subscribe to all of the preferred shares to be issued by Denerge. In practice, Itaú will become a minority shareholder in a platform that concentrates significant holdings of the group in the energy sector.
According to Energisa's communication to the market, the operation should "strengthen the financial capacity and strengthen the capital structure" of the group.
The announcement was made just days after a corporate reorganization involving Denerge itself, in yet another sign that the subsidiary is gaining centrality within Energisa's structure.
Now, with the potential entry of Itaú, this arm also becomes the chosen gateway for a multi-billion dollar injection of resources in a transaction that the market interprets as a balance sheet reinforcement with a financial partner, and not as a sale of control.
Denerge is an old piece of the corporate machinery that Energisa has been redesigning in recent months. Originating from the structure of the former Rede Energia, incorporated into the Minas Gerais-based group in 2014, the company has recently gained centrality in the holding company's internal reorganization.
First, by being transformed into a wholly owned subsidiary of Nova Denerge. Then, by absorbing Energisa Participações Minoritárias, concentrating assets and holdings under the same umbrella.
Contacted for comment, Itaú and Energisa have not yet responded regarding the agreement.
