December 2025 top M&A deals in Brazil market

China’s State Grid Corporation, through its Brazilian subsidiary State Grid Brasil, has acquired the Mantiqueira Transmission Line concession from Brookfield, via Quantum Participações, for a reported deal value of USD 1.3bn. Roughly one-third of the value was paid in equity, with the rest covering assumed debt. The acquisition strengthens State Grid’s footprint in Brazil’s electricity transmission sector and provides access to 11 transmission lines spanning 1,200 km across Minas Gerais.