Finance
Exclusive-Batista brothers' J&F in talks for EDF plant as Brazil power M&A surges
Published by Global Banking & Finance Review®
Posted on October 3, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 3, 2025
2 min readLast updated: January 21, 2026
J&F Investimentos is in talks to acquire EDF's Rio de Janeiro thermal plant, as Brazil's power sector experiences a surge in M&A activity.
By Luciana Magalhaes and Leticia Fucuchima
SAO PAULO (Reuters) -J&F Investimentos SA, the holding company owned by Brazil's billionaire Batista brothers, is in talks to acquire French utility EDF's Rio de Janeiro thermal plant, according to two people familiar with the matter.
The deal, which could fetch up to 2 billion reais ($374 million) according to one of the sources, has drawn interest from other bidders, they added. One of the sources noted that the asset sale, coordinated by Bank of America, is still in its early stages and J&F has not yet made a binding offer.
The negotiations are part of a wave of dealmaking in Brazil's power sector this year, which could soon include big deals from players including Canada's Brookfield and France's Engie, people familiar with the matter said.
Asked about talks to sell its Norte Fluminense plant, EDF said it is weighing IPOs of its North American and Brazilian subsidiaries as part of a 10-year global plan to boost the growth of its portfolio and long-term investment capacity.
J&F and Bank of America declined to comment.
FRENCH UTILITY REFOCUSES ON DOMESTIC NUCLEAR
As part of a strategic overhaul, EDF is weighing options for its Brazilian assets while reducing its overseas presence and divesting non-core assets to refocus on domestic nuclear projects.
The natural gas-fired plant is operating without long-term contracts from buyers, making it attractive to J&F, which often seeks underperforming assets for turnaround, a source said. J&F's power company Ambar Energia has other plants without long-term contracts in its portfolio.
J&F, which also owns meatpacker JBS, has expanded its reach in the energy sector through its subsidiary Ambar Energia.
The holding company separately made an offer this week to buy Roraima Energia, a power distribution company in the northern Brazilian state owned by the Oliveira Energia group.
Last year, J&F signed a preliminary agreement with Oliveira Energia to take control of the power distribution company in Amazonas, but the deal has yet to be finalized.
(Reporting by Luciana Magalhaes and Leticia FucuchimaEditing by Brad Haynes and Lisa Shumaker)
J&F Investimentos is a Brazilian holding company owned by the Batista brothers, involved in various sectors including meat processing and energy investments.
The EDF plant refers to a thermal power plant owned by the French utility company EDF, located in Rio de Janeiro, Brazil.
A thermal plant is a facility that generates electricity by converting heat energy, typically from burning fossil fuels or biomass.
An IPO, or Initial Public Offering, is the process through which a private company offers shares to the public for the first time, allowing it to raise capital.
Energy sector M&A refers to mergers and acquisitions within the energy industry, where companies consolidate to enhance their market position or expand their operations.
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