On Thursday, October 15, 2026, Eneva (ENEV3) announced that it entered into a new investment agreement with Itaú Unibanco S.A., under which the bank made an additional investment in Eneva Participações III S.A. (Eneva III) in the amount of R$ 1,777,202,990.24. The capital injection was carried out through the subscription and payment, on the same date, of new book-entry preferred shares, with no par value and with restricted voting rights, issued by Eneva III.
With the completion of the transaction, Itaú increased its stake in the total share capital of Eneva III and remains the holder of all the company’s preferred shares, while Eneva continues to hold 100% of the common shares issued by Eneva III.
In the context of this transaction, Eneva and Itaú also signed an amendment to the shareholders’ agreement of Eneva III to reflect the additional investment made. Under this agreement, Itaú granted Eneva a call option over all of the preferred shares of Eneva III held by the bank, exercisable at Eneva’s sole discretion between January 1, 2031, and December 31, 2032, or, in certain circumstances, on earlier dates, in accordance with the other terms and conditions provided for.
Eneva further clarified that the transaction was approved without restrictions by the Administrative Council for Economic Defense (CADE), after the final and unappealable decision in Concentration Act No. 08700.007712/2026-11, with the decision of approval without restrictions No. 1131/2026 having been published in the Federal Official Gazette on August 28, 2026.
