Duke Energy To Sell Brazilian Business To China Three Gorges In $1.2 Billion Deal

Duke Energy Corp. said Monday it has agreed to sell its Brazilian business to China Three Gorges Corp. in a deal with an enterprise value of $1.2 billion. The company said it will use the proceeds of the deal to pay down debt. "This is another important step forward in driving our strategy to focus on our core domestic regulated business, and it builds on our recent acquisition of Piedmont Natural Gas," Chief Executive Lynn Good said in a statement. The deal is expected to close in two to four months. Shares were not yet active premarket, but are up 7% in the year so far, while the S&P 500 has gained 5%.