November 27, 2017 / 10:30 AM / a year ago

Brazil's Renova Energia board approves Brookfield acquisition

BRASILIA/SAO PAULO, Nov 27 (Reuters) - The board of directors for Brazil renewable energy company Renova Energia SA has approved Brookfield Asset Management Inc’s proposal to acquire the company, a securities exchange filing showed on Monday.

Brookfield will inject 1.4 billion reais ($433 million) into Renova, which is controlled by Companhia Energetica de Minas Gerais, acquiring the shares at 6 reais each, the filing by Renova stakeholder Light SA said.

The asset management firm could pay an additional 1 real per share depending on the sale price of wind farm Alto Sertao II.

$1 = 3.2329 reais Reporting by Jake Spring and Tatiana Bautzer; editing by Jason Neely

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