Sabesp Wins Key Regulatory Clearances to Take Control of Emae

Overview

• Brazil’s antitrust authority CADE approved the acquisition unanimously without restrictions in a virtual vote that closed on January 19, rejecting Phoenix’s appeal for lack of standing.
• Aneel’s collegiate board granted prior consent on January 20 after a request for review by director Gentil Nogueira, confirming technical, financial, legal and fiscal compliance by Sabesp.
• Regulators stressed that the authorization advances the process but does not itself effect the change of control, which still requires completion of transactional steps.
• The sale stems from Phoenix’s September 2025 debenture default that moved pledged Emae shares to creditors represented by Vórtx, who then negotiated the stake with Sabesp.
• Sabesp agreed in October 2025 to pay roughly R$1.1–1.13 billion for majority stakes previously held by Phoenix and Eletrobras, acquiring a company that operates four São Paulo hydropower plants, including Henry Borden (889 MW).