✓ verbatim from the press
The privatization of the Minas Gerais Sanitation Company (Copasa) was completed on June 16, 2026, in a ceremony at B3 in São Paulo. Equatorial became the reference shareholder with 30% of total capital, after paying R$ 5.59 billion for 114 million shares. The Minas Gerais government received over R$ 8 billion in the total operation and retained 5% of the company — a stake that includes a golden share granting veto power over decisions regarding name changes and headquarters relocation. The state's participation fell from 50.03% to 5.03%; Perfin increased its stake from 15.25% to 20.11%. ✓
Press quotes (3)
"A privatização da Companhia de Saneamento de Minas Gerais (Copasa) foi formalizada nesta terça-feira, 16, em cerimônia realizada na B3, em São Paulo."
"Definida como investidora de referência no processo, a Equatorial tornou-se a principal acionista da Copasa ao assumir 30% do capital total da empresa. A companhia comprou 114.075.921 ações, equivalente a 66,67% da oferta, em uma transação de R$ 5,59 bilhões."
"Essa participação remanescente contempla uma golden share, ação preferencial de classe especial que garante ao governo estadual poder de veto em temas específicos, entre eles mudanças na denominação da empresa e na localização de sua sede."
The sale was authorized by State Law 25,664, signed by then-Governor Romeu Zema on December 23, 2025, and published in the Official Gazette that Tuesday. The law originated from Bill 4,380/25, authored by the governor and approved by the Legislative Assembly of Minas Gerais plenary on December 17, 2025, after strong obstruction by opposition lawmakers. Equatorial offered R$ 49.03 per Copasa share — a 3.81% premium over the minimum price of R$ 47.23 established in the tender. ✓
Press quotes (2)
"Sancionada e publicada no Minas Gerais desta terça (23), Lei 25.664 se originou de projeto do governador aprovado no Plenário da ALMG. [...] A nova lei se originou do PL 4.380/25, de autoria do governador Romeu Zema, que tramitou na ALMG em meio a forte obstrução de deputados de oposição ao Executivo. Ao final, acabou aprovado de forma definitiva pelo Plenário na Reunião Extraordinária realizada na noite do último dia 17."
"Por meio da subsidiária Gerais Saneamento, a holding ofereceu R$ 49,03 por ação da estatal mineira — o preço mínimo estabelecido no edital era de R$ 47,23."
The legislation requires that proceeds from the sale be allocated to reducing Minas Gerais' debt with the federal government or to meeting commitments linked to the Full Payment of State Debts Program (Propag). The law also provides for the possibility of directing part of the funds to a state fund dedicated to basic sanitation. According to DER-MG deputy general director Anderson Tavares Abras, at least 190 works and engineering projects have been identified to receive the over R$ 8 billion. ✓
Press quotes (2)
"A legislação aprovada estabelece que os recursos obtidos com a venda da companhia deverão ser destinados à redução da dívida de Minas Gerais com a União ou ao atendimento de compromissos vinculados ao Programa de Pleno Pagamento de Dívidas dos Estados (Propag)."
"o vice-diretor-geral do Departamento de Estradas de Rodagem de Minas Gerais (DER-MG), Anderson Tavares Abras, disse que ao menos 190 obras e empreendimentos de engenharia foram identificados nos últimos meses para receber os mais de R$ 8 bilhões."
Governor Mateus Simões stated in an interview this Tuesday that tariffs continue to be controlled by the Regulatory Agency for Water Supply and Sanitary Sewage Services of Minas Gerais State (Arsae-MG), and that there is no change in how prices are set. Municipalities have until September to renew contracts with Copasa; so far, only 22 municipalities, including Belo Horizonte, have agreed to extend contracts until 2073. Copasa provides services in 636 municipalities in Minas Gerais. ✓
Press quotes (3)
"As tarifas continuam sendo controladas pela agência reguladora, não há nenhuma alteração na forma de formação do preço da conta que chega a cada um dos mineiros"
"De acordo com o governo, os municípios terão até setembro para poder renovar os contratos com a Copasa."
"Atualmente, a Copasa presta serviços em 636 municípios de Minas Gerais."
Equatorial acquired 30% of Copasa's total capital for R$ 5.59 billion, becoming the reference shareholder; Perfin increased its stake to 20.11%; the state retained 5.03% with golden share
The operation was authorized by State Law 25,664/2025, approved on December 17, 2025 by ALMG and signed by Romeu Zema on December 23, 2025
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (3)
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In which specific works and projects will the R$ 8 billion be effectively applied, and what proportion is allocated to debt reduction versus direct infrastructure investment?
Why it's still unknown: The government identified 190 candidate works but did not specify detailed budget allocation or the division between debt repayment to the federal government (mandatory under Propag) and new investments.
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How many of the 636 municipalities served by Copasa have already renewed contracts until 2073, and what are the conditions negotiated with the Minas Gerais Municipalities Association for the 273 that will have sanitary sewage included?
Why it's still unknown: Only 22 municipalities confirmed contract extension so far; reporting mentions an agreement with AMM for 273 cities but does not detail adhesion deadlines or committed investments.
Did not cover: Exame -
What is the detailed shareholder composition of the Equatorial consortium and Perfin, and are there investment commitments beyond the price paid for shares?
Why it's still unknown: Coverage reports each shareholder's stake in total capital but does not identify controlling partners of the groups or future capex commitments tied to the tender.
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What labor, pension, or contractual liabilities remain with the state post-sale, and what is the net impact on Minas Gerais' fiscal capacity?
Why it's still unknown: No outlet detailed remaining liabilities or the operation's effect on state credit rating and available budget margin after debt repayment.