Jackson, MI, April 13, 2007 — CMS Energy and CMS Electric and Gas have entered into an agreement to sell CMS Energy Brasil S.A., the holding company for a group of Brazilian electric distribution companies, and related assets for $211.1 million.
CMS Energy and CMS Electric and Gas, a subsidiary of CMS Energy, reached the agreement with CPFL Energia S.A., a Brazilian utility. The sale is subject to approval by the Brazilian national regulatory agency, Agencia Nacional de Energia Eletrica (ANEEL).
The sale is expected to close by the end of the second quarter. Proceeds from the sale will be used to reduce debt at CMS Energy and invest in CMS Energy’s Michigan utility, Consumers Energy.
J.P. Morgan Securities Inc. served as financial advisor to CMS Energy for the transaction.
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