China's State Grid acquires Brazilian assets

State Grid Corp of China agreed to buy electricity transmission assets in Brazil from Spain’s Actividades de Construccion y Servicios SA for US$531 million and assume debt of US$411 million, making it State Grid’s fourth major investment outside of China, Reuters reported. The company previously signed a US$3.95 billion deal in the Philippines, a nearly US$1 billion acquisition in Brazil and a US$508 million acquisition in Portugal. State Grid subsidiary State Grid International Development will acquire seven high-voltage electricity transmission assets in eight Brazilian states from ACS, the company said in a statement. The assets span a total length of around 2,792 kilometers; most of the network is currently in operation, with the rest expected to begin operation by the end of the year.