State Grid Corporation of China is set to acquire electricity transmission assets in Brazil from Spanish builder Actividades de Construcción y Servicios for $531m, according to Reuters.

The acquisition is the latest in a series of overseas purchases by Chinese power companies, the report added.

If the deal goes ahead, State Grid will assume a debt of $411m.

State Grid’s wholly-owned subsidiary State Grid International Development will take over seven high-voltage electricity transmission assets in Brazil from ACS, Reuters said, citing a statement via Bank of America Merrill Lynch, which acted as exclusive financial advisor on the deal.

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