State Grid said to get control of $7b utility in Brazil

State Grid Corp of China reached a deal to gain control of Brazil's CPFL Energia SA, after two major shareholders agreed to sell the Chinese company their stakes in the $7.3 billion utility, people with knowledge of the matter said.

Bonaire Participacoes and Banco do Brasil SA's pension fund, known as Previ, have given informal approval to sell their combined 44.5 percent stake in CPFL for 25 reals ($7.8) a share, the people said, asking not to be named because the information isn't public.

The terms are the same as those the Chinese company earlier offered when it agreed to buy Camargo Correa's stake in the power distributor in July, and the deal will likely be announced in a few weeks, according to one of the people.