Batista Brothers’ J&F in Talks for EDF Brazil Plant

SAO PAULO: J&F Investimentos SA, the holding company of Brazil’s billionaire Batista brothers, is in early talks to acquire French utility EDF’s Rio de Janeiro thermal plant, sources familiar with the matter said. The deal could be worth up to 2 billion reais ($374 million), though J&F has not made a binding offer and other bidders are reportedly interested.
The negotiations are part of a broader surge in Brazil’s power sector M&A activity this year. Other major moves include Canada’s Brookfield potentially selling the Mantiqueira high-voltage line and France’s Engie exploring a minority stake sale in its transmission assets.
EDF, which is reviewing its Brazilian assets, is focusing on domestic nuclear projects while divesting non-core overseas holdings. The Rio thermal plant, operating without long-term contracts, aligns with J&F’s strategy of acquiring under-performing assets for turnaround, the sources said. J&F’s energy subsidiary, Ambar Energia, already manages several similar plants.
Energy and natural resources have driven 53% of Brazil’s M&A activity in 2025, totalling $22.3 billion through September. Investors are seeking resilient sectors with steady cash flows, according to financial advisory firm Seneca Evercore.
Brookfield’s Mantiqueira sale, managed by Itau BBA and Bradesco BBI, could reach around 5 billion reais, attracting interest from China’s State Grid, Colombia’s Grupo Energia Bogota and a Taesa-Cemig consortium. Meanwhile, Engie has engaged Morgan Stanley to explore partnerships for its Brazilian transmission assets.
J&F and Bank of America, coordinating the EDF asset sale, declined to comment. EDF also said it is evaluating options for its Norte Fluminense plant. — Reuters