Enel Brasil S.A. won a bid to acquire 94.8% stake in Celg Distribuição S.A. from Eletrobrás Participações S.A. - ELETROPAR (BOVESPA:LIPR3) and Companhia Celg de Participações (BOVESPA:GPAR3) for BRL 2.2 billion on November 30, 2016. After closing of the purchase of approximately 94.8% of the company's share capital, a residual stake of around 5.1% of CELG will be offered to the Celg's current employees and retired employees, through a process that will allow Enel Brasil to purchase the shares not bought by current employees and retired employees, the details of which will be announced at a later date. The acquisition is fully funded from existing liquidity. The signing and closing of the purchase agreement are both expected to take place in the first quarter of 2017, following approval from antitrust authority CADE and electricity regulator ANEEL. On December 27, 2016, the transaction was approved by the Brazilian antitrust authority (CADE). As of January 31, 2017, Brazilian electrical regulator, ANEEL approved the acquisition. The bidding committee related to the auction has changed the date for signing the purchase and sale agreement of CELG Distribuição S.A. to February 14, 2017. Citi Group, Inc. acted as financial advisor to Enel.

Enel Brasil S.A. completed the acquisition of 94.8% stake in Celg Distribuição S.A. from Eletrobrás Participações S.A. - ELETROPAR (BOVESPA:LIPR3) and Companhia Celg de Participações (BOVESPA:GPAR3) on February 14, 2017.