State Grid Brazil Power Participações Ltda. made a mandatory tender offer to acquire 48.4% stake in CPFL Energias Renováveis S.A. (BOVESPA:CPRE3) from shareholders for BRL 3.6 billion on January 23, 2017. Under the terms of the offer, State Grid Brazil would pay BRL12.2 per share of CPFL Energias Renováveis for 243.6 million shares. The number of shares may increase by 0.46 million shares in the event CPFL Energias Renováveis issues shares on exercise of options. In a related transaction, State Grid Brazil also made an offer to acquire the remaining stake in CPFL Energias SA. State Grid Brazil intends to delist CPFL Energias Renováveis following the completion. The transaction is subject to approval from the Comissão de Valores Mobiliários, which is the Brazilian Securities and Exchange Commission. As of July 7, 2017, State Grid Brazil notified that it intends to proceed with the mandatory tender offer only and not with the delisting. As of February 20, 2018, the Comissão de Valores Mobiliários informed that the price offered by State Grid Brazil is too low and that the price that would guarantee a fair value for the minority holders would be equal to or less than BRL 16.69. As of June 5, 2018, Securities and Exchange Commission of Brazil postponed the deadline for State Grid to recalculate the price at which it would buy out stake in CPFL Energias Renovaveis to June 18, 2018. On June 21, 2018, State Grid Brazil Power Participações Ltda. increased the offer price to BRL 13.81 per share. As on August 27, 2018, State Grid Brazil Power Participações Ltda. increased the offer price to BRL 14.6 per share. On November 22, 2018, State Grid Brazil Power Participações Ltda. increased the offer price to BRL 16.85 per share. On October 9, 2018, Board of Commissioners of CVM denied the appeal filed by some shareholders of CPFL Energias Renováveis against the decision issued by CVM’s Superintendence of Securities Registries – SRE on August 27, 2018, in the procedure for registration of the public tender offer due to the indirect transfer of control of CPFL Energias Renováveis. On October 11, 2018, the tender offer was registered with Brazilian Securities and Exchange Commission. As a result, State Grid Brazil Power Participações Ltda. shall publish a form of notice detailing the terms of the offer until October 22, 2018. As per announcement made on November 6, 2018, CPFL Energias Renováveis' Board of Director approved the transaction. The offer will start on October 22, 2018 and will end on November 26, 2018. UBS served as financial advisor to Previ (BB Carteira Livre I Fundo de Investimento em Ações) on the sale of company's stake in CPFL Energia and CPFL Renováveis. State Grid Brazil Power Participações Ltda. completed the acquisition of 48.4% stake in CPFL Energias Renováveis S.A. (BOVESPA:CPRE3) from shareholders on November 26, 2018.