(Finance) – The European Commission has approvedunder the EU Merger Regulation, the acquisition of control joint venture of the Brazilian company Neoenergia Transmissora by the Spanish company Iberdrola of Spain and GIC Ventures, controlled by the Singapore sovereign wealth fund.
Neoenergia Transmissora is active in electricity transmission in Brazil. Iberdrola is a vertically integrated energy company. GIC manages a global portfolio of private equity, venture capital and infrastructure investments.
The Commission concluded that the proposed acquisition it would not raise competition problemsgiven that Neoenergia Transmissora has no actual or planned activities in the European Economic Area.