Brazil: Leilão de distribuidoras da Eletrobras movimenta mercado, dizem especialistas

Last Updated: 22 February 2018
Article by Veirano E Advogados Associados
Most Read Contributor in Brazil, October 2018

Ao menos meia dúzia de investidores tem se movimentado para analisar seis distribuidoras de eletricidade da estatal Eletrobras que deverão ser privatizadas em um leilão que o governo pretende realizar até abril, disseram especialistas próximos das conversas em andamento.

O andar das consultas sugere que deve haver interessados por todas as empresas, que operam no Norte e Nordeste do país, com a possibilidade até de haver disputas entre mais de uma companhia por alguns ativos mais atraentes.

As empresas da Eletrobras atendem Acre, Alagoas, Amazonas, Rondônia, Roraima e Piauí, com operações fortemente deficitárias que obrigaram o governo a autorizar a holding elétrica a assumir 11,2 bilhões de reais em dívidas e possíveis passivos de até 4 bilhões de reais dessas subsidiárias junto a fundos do setor elétrico para viabilizar a venda.

"Tem algumas empresas interessadas, sim, e elas estão se movimentando... acho que vai ter uma disputa, principalmente por algumas distribuidoras. Acredito que todas receberão lances", disse à Reuters a diretora da consultoria Thymos Energia, Thais Prandini.

"Eu até achava que não haveria tanto interesse, mas está tendo... estamos vendo uma movimentação. A gente tem pelo menos um cliente que pediu proposta para olhar o data-room dessas empresas todas", disse o sócio da área de energia do escritório Veirano Advogados, Tiago Figueiró, sem citar nomes.

Entre empresas vistas como possíveis interessadas estão grupos que já atuam com distribuição de energia do Brasil e fizeram aquisições no setor ao longo dos últimos anos, como a Equatorial e a italiana Enel, além da Neoenergia, controlada pelos espanhóis da Iberdrola.

Uma fonte disse à Reuters, na condição de anonimato, que a Energisa também pretende disputar o leilão das distribuidoras e está de olho em mais de uma empresa da Eletrobras, incluindo a Ceron, responsável pelo fornecimento em Rondônia.

Uma segunda fonte disse que entre os grupos que querem disputar as privatizações estão também as financeiras Vinci Partners e GP Investments, fundos de private equity que já foram sócios da Equatorial.

A Equatorial tem como maiores acionistas atualmente Squadra Investimentos, Opportunity, Black Rock e GIC. A empresa é vista como especialista em recuperar distribuidoras deficitárias, após ter comprado a Cemar, do Maranhão, por 1 real em 2004 --a empresa hoje é considerada uma das mais eficientes do setor.

O sócio da auditoria independente Tattica, Aderbal Hoppe, disse que a operação deficitária das distribuidoras da Eletrobras pode ser revertida por novos controladores que consigam reduzir custos operacionais e investimentos e ao mesmo tempo sanear as dívidas das companhias.

"Isso é determinante, pois em casos como o da Cemar... houve capacidade e ela em pouco tempo passou a ser uma referência de excelência operacional e de distribuição de dividendos", afirmou.

A Vinci Partners confirmou à Reuters o interesse no leilão das distribuidoras.

"Estamos nos preparando para eventualmente participar da privatização das distribuidoras da Eletrobras. Estamos acompanhando de perto esse processo e aguardando as datas-chave para que a gente possa avaliar qual das seis (seria alvo de aquisição)-- ou se todas as seis, ou algum subconjunto delas", disse o sócio da área de Infaestrutura da Vinci Partners, José Guilherme Souza.

Procurada, a Eletrobras disse que não iria comentar, assim como a italiana Enel. A Energisa também não comentou.

A Neoenergia não quis falar sobre o leilão das distribuidoras da Eletrobras, mas ressaltou em nota que "o grupo está sempre atento a novas oportunidades de negócios e acompanha a movimentação dos ativos disponíveis no mercado".

A Equatorial Energia disse que "está atenta às oportunidades de mercado". GP Investments não respondeu a um pedido de comentário.

MODELO

O leilão das distribuidoras da Eletrobras prevê um preço simbólico para cada empresa, de 50 mil reais, associado a obrigações de investimentos e aportes de recursos nas concessionárias.

Pelas regras da licitação, o vencedor da disputa por cada concessionária deverá realizar aportes nas empresas após a compra que variam de cerca de 240 milhões de reais nas elétricas de Rondônia e do Acre a um máximo de 721 milhões, na Cepisa, do Piauí.

Somadas as seis distribuidoras, o aporte imediato de capital exigido será de 2,4 bilhões de reais.

O valor representa cerca de 30 por cento do total de investimentos previstos para os cinco primeiros anos de operação das distribuidoras, estimados em 7,8 bilhões de reais, segundo o Banco Nacional de Desenvolvimento Econômico e Social (BNDES), que tem assessorado o processo de desestatização.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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