CPFL Energia is seeking to acquire a majority stake in local energy company, Multiner, The Wall Street Journal reports, citing Valor Economico. The Brazilian electrical energy company has not disclosed the details of the exact stake to be acquired.

The transaction will value Multiner at about $1.62 billion. The Brazilian hydroelectric, thermoelectric, and wind power plants operator, Multiner, generates thermoelectric power generation from fuels, including oil, natural gas and biomass.

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