BTG reaches 37% of Eneva

Three months after trialling its merger proposal with Vibra, BTG Pactual continues to increase its stake in Eneva.

Partners Alpha – an investment vehicle of the partnership that controls the bank – said today that it had increased its stake in the power generator from 10% to 15% of the capital.

In addition to the 15% stake in Partners Alpha, BTG Pactual holds another 22% of the capital through direct investment from the bank, and its total stake now stands at 37% of the equity.

This new position still leaves BTG with a smaller stake than the block stake formed by Cambuhy with the directors of Dynamo, Atmos and Velt, who together own about 40% of the company.

The increase in the BTG position and the rise in the positions of other funds reduced the value of Free buoyancy From Iniva.

Hey Brazil Magazine I found that Sharp Capital and Gávea Investimentos had already reached 4% of capital each. (In Bloomberg, the share of each of the directors is shown at around 2.2%).

Eneva shares have been sideways in recent months. Since the beginning of the year, the stock has declined by 4.5%. In the past 12 months, it has risen by 3%.

The company – which was building the Eletrobras thermal plants, which today was sold to J&F – is valued at just over R$20 billion on B3.

BTG has sought to increase its influence in Eneva with the aim of turning it into its main energy consolidator – a strategy that has met with resistance from Cambuhy.

Pedro Arbex