Sabesp moves to fully absorb EMAE after R$682M control deal
What's the deal? SabespDealroom has a profile for this one. Try Dealroom →, São Paulo's water utility, plans to fold power company EMAEDealroom has a profile for this one. Try Dealroom → fully into its structure. Under a merger protocol signed in June 2026, Sabesp will absorb every EMAE share it does not already hold, and shareholders of both companies vote on the plan at extraordinary meetings on July 30, 2026.
What changes? If approved, Empresa Metropolitana de Águas e Energia — known as EMAE — would become a wholly owned Sabesp subsidiary and be delisted from B3's Traditional segment. Sabesp estimates transaction costs at roughly R$4.45 million (about US$0.8 million).
The build-up: Sabesp took control of EMAE in January 2026, buying about 74.9% of its voting capital for roughly R$682 million (about US$126 million). It followed with a mandatory tender offer for remaining common shares at R$49.46 each. In March 2026, Sabesp bought the OceaniaDealroom has a profile for this one. Try Dealroom → investment fund, which held a strategic EMAE stake, for R$171.6 million (about US$32 million). Those steps lifted its holdings and set the stage for a full merger.
Read more: The Rio Times
Image: Henry Borden hydroelectric plant, Henk Jan Verhagen / Wikimedia Commons, CC BY-SA 4.0
