Cade Clears Axia Energia’s Juno Buy, Paving Way for Full Control of Três Irmãos

Overview

• Cade’s Superintendência-Geral approved the transaction without restrictions on November 24 via summary review, with the decision published in the Diário Oficial da União.
• Axia Energia, formerly Eletrobras, is acquiring 100% of Juno’s ordinary shares currently held by Triunfo Participações e Investimentos and Mercúrio Participações e Investimentos.
• Juno owns 50.10% of Tijoá, while Axia already holds 49.9%, so the deal consolidates full control of the joint venture that operates the UHE Três Irmãos plant.
• The technical area concluded the operation would not materially affect competition and viewed it as a consolidation of preexisting relationships within the Eletrobras economic group.
• The antitrust clearance does not finalize the deal, as the sector regulator Aneel must authorize the change of control before completion.