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Brazilian power generator and distributor Cia. Energética de Minas Gerais SA, better known as Cemig, said Friday it agreed to buy 65.86% of electricity distributor Terna Participações SA from Italy's Terna Rete Elettrica Nazionale SpA for 2.33 billion reais ($1.05 billion). Cemig said it may offer to buy shares later from minority investors for another R$1.2 billion.

Terna Participações transmits electricity in 11 Brazilian states through several units in which it has interests, including Transmissora Sudeste Nordeste SA, Novatrans Energia SA, Empresa de Transmissão de Energia do Oeste SA, Empresa de Transmissão do Alto Uruguai SA, Brasnorte Transmissora de Energia SA and Terna Serviços Ltda. Together the entities have 3,750 kilometers (2,330 miles) of transmission lines within Brazil's basic grid.

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