State power company Companhia Paranaense de Energia (Copel) has informed the Brazilian Securities and Exchange Commission (Comissao de Valores Mobiliarios, CVM) that plans to sell its 100% stake in Copel Telecomunicacoes are back on, after ‘independent external advisors’ concluded a study of the business. A price tag has not yet been disclosed, but a ‘virtual data room’ will open imminently, to share detailed information regarding the sale. According to industry insiders, the sale could generate around BRL1 billion (USD173.4 million) for the Parana-based energy firm.
As previously reported by TeleGeography’s CommsUpdate, the sale process was halted in January 2020, after the Parana engineers’ union filed an injunction because the divestment contract was assigned to Rothschild in July 2019 without a formal bidding process. However, the injunction was overturned by the Superior Court of Justice (Superior Tribunal de Justica, STJ) the following month.