German utility E.ON AG (EONGY.PK) said Wednesday that it has closed the transaction to acquire 24.5 percent of Brazilian energy company MPX Energia SA's equity from billionaire Eike Batista, owner and CEO of conglomerate EBX.
E.ON acquired 141.54 million shares of MPX stock for a minimum price of R$10.00 per share, plus up to a further R$1 per share depending upon the final settlement price of a capital increase and the share price performance of MPX in the six months after the transaction.
This raises E.ON's total stake in the Brazilian energy company to 36.2 per cent. The transaction, in which E.ON invested up to a total of R$1.6 billion, was the first step of an investment agreement the two companies signed in March.
In the second step, MPX will carry out a public capital increase of R$1.2 billion, which is expected to take place this summer. E.ON has committed to investing R$0.4 billion.
In the third and final step, the MPX-E.ON 50:50 joint venture company, which was created in April 2012, will be reintegrated into MPX at book value, with E.ON receiving shares equivalent to the value of its joint venture stake so that E.ON's holding in MPX will finally be around 36.1 percent.
The stock fell 1.2 percent on Wednesday to close at 13.17 euros.
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