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Brazil utility Cemig wants to sell $2B in assets to cut debt

  • Brazilian utility Cemig (CIG +2%) is seeking to sell assets worth as much as 6.5B reais ($2B), and is in advanced talks with buyers for some of the assets, it says in a securities filing.
  • Assets on sale include stakes in a transmission company, several hydroelectric dams, its natural gas distribution unit, a renewable energy company, a stake in a power company, and its telecom subsidiary.
  • CIG says it needs to reduce its leverage, and aims to cut its net debt equivalent to 2.5x EBITDA from 4.2x by the middle of this year.

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