December 18, 2018 / 11:46 AM / in a month

Brazil's J&F sells power transmission lines for $242 million

SAO PAULO, Dec 18 (Reuters) - J&F Investimentos SA, the holding company controlled by the Batista family which also owns meatpacker JBS SA, has agreed to sell its transmission lines for 942.5 million reais ($243 million) to Transmissora Aliança de Energia Elétrica S.A. (Taesa), the company said in a statement.

J&F had been negotiating the sale of the transmission lines for more than a year.

Reuters reported that Taesa had eyed the asset since February, after exclusive talks with Brookfield Asset Management collapsed.

Since the brothers Joesley and Wesley Batista were ensnared in Brazil’s largest ever corruption probe, their holding company J&F Investimentos has sold control of apparel and shoemaker Alpargatas SA, dairy producer Vigor Alimentos SA and pulp maker Eldorado Brasil Celulose SA.

The latest deal is subject to approval by Brazilian antitrust watchdog Cade.

$1 = 3.8845 reais Reporting by Tatiana Bautzer; editing by Jason Neely

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