CNEC is an established player in Brazil’s hydroelectric market. According to a statement from WorleyParsons, CNEC’s capabilities complements the firm’s resources and energy businesses and provides a springboard for the next phase of WorleyParsons’ growth across South America.
As well as its involvement in hydro power, CNEC is also involved in thermoelectric plants, subways, ports, airports, highways, wastewater, industrial plants, refining and distributing oil and gas, petrochemical and urban development throughout Brazil and in Latin America and Africa.
The disclosed purchase price of BRL 170M (US$97.6M) comprises BRL 130M (US$74.6M) in consideration and BRL 40M (US$23M) that will be initially retained by the business as a non-core asset. The business’ pro-forma EBITDA for the year ending June 2010 is estimated to be BRL 24.5M (US$14M).
