Chinese utility buys big in Brazil

State Grid purchase of key stake in CPFL is firm's largest offshore deal

State Grid Corporation of China announced on Tuesday that it has taken ownership of a controlling stake in Brazilian power utility CPFL Energia SA, the largest power distributor in the country.

State Grid, the world's largest utility company, concluded the deal for a 54.64 percent stake in CPFL five months after signing the agreement for the acquisition.