April 29 (Renewables Now) - Brazilian energy company Light SA (BVMF:LIGT3) announced on Thursday it has received confirmation that BNDES Participacoes SA (BNDESPAR) would exercise its right to "tag along" as part of the buyout of renewables developer Renova Energia SA (BVMF:RNEW11).
The investment arm of national development bank BNDES will sell its 696,683 units, representing 5.01% of Renova's stock. This move is connected to a transaction announced in March in which Light's subsidiary Light Energia and Cemig GT will buy 7,282,036 shares, or 14.08% of Renova's share capital, from CGI Fundo de Investimento em Participacoes.
BNDESPAR's decision is one of the precedent conditions for the closing of the above mentioned transaction, Light pointed out.
Recently, Brazilian antitrust regulator Cade approved without restrictions Light and Cemig's acquisition of the .