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Duke to Sell Brazil Assets to Three Gorges for $1.2 Billion

Duke Energy Corp. agreed to sell its Brazilian assets to China Three Gorges Corp. for $1.2 billion as the utility owner looks to focus on its regulated U.S. power business.

Proceeds from the deal will be used to reduce Duke Energy holding company debt, the Charlotte, North Carolina-based company said in a statement Monday. Duke, the second-largest U.S. utility owner by market value, is also negotiating selling its remaining holdings in Central and South America. The company agreed to acquire southeastern U.S. natural gas distributor Piedmont Natural Gas Co. for $4.9 billion last year.

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