The company's path walks together with the development of São Paulo. In 1899, a group of Canadian businessmen founded The São Paulo Railway, Light Power Company Limited, and in the same year, it was authorized to operate in Brazil.
In 1904, the Canadian group founded The Rio de Janeiro Tramway, Light and Power Co. Ltda. As from 1923, the companies started being controlled by the holding company Brazilian Traction Light and Power Co. Ltda. The group was restructured in 1956, having Brascan Limited as its basis.
In 1979, the Brazilian government, by means of Eletrobras, purchased the shareholding of the so-called Light-Serviços de Eletricidade S.A. from Brascan.
In 1981, the company was handed to the Government of São Paulo and changed its name to Eletropaulo - Eletricidade de São Paulo S.A.
With the privatization program, launched in 1995, Eletropaulo was restructured, giving rise to four companies: the distribution companies Eletropaulo Metropolitana - Eletricidade de São Paulo S.A. and EBE - Empresa Bandeirante de Energia S.A.; the transmission company EPTE - Empresa Paulista de Transmissão de Energia Elétrica S.A. (currently known as CTEEP) and the generation company EMAE - Empresa Metropolitana de Águas e Energia S.A.
With the spin-off, Eletropaulo Metropolitana was held responsible for distributing electrical energy to the 24 cities around the Greater São Paulo. In 1998, the company was purchased at a privatization auction by Lightgás, with shareholding among AES and the groups Eletricité de France (EDF), Companhia Siderúrgica Nacional (CSN) and Reliant Energy. In 2001, in a new shareholding, it started being controlled only by AES Corporation, one of the largest energy companies in the world.
In December 2003, AES and Brazilian Economic and Social Development Bank (BNDES) completed the debt restructuring of Eletropaulo's controlling companies - AES Elpa and AES Transgás - along with BNDES, which became an AES's member in Eletropaulo's capital, by creating the holding company Brasiliana de Energia S.A. AES became the holder of 50% plus one share in Brasiliana's voting capital and BNDES became the holder of 50% minus one share. Brasiliana, in turn, keeps its shareholding at Eletropaulo, previously held by AES.
On September 25, 2006, a secondary offer of 15,829,189,000 class B preferred shares (PNBs) issued by Eletropaulo and held by AES Transgás Empreendimentos S.A. was made at the price of R$ 85.00/1,000 shares. Upon raising the capital, after the full exercise of the green shoe, the pre-payment of R$ 1,289,175,618.64 was made with respect to the adjusted balance of debentures of Brasiliana Energia S.A. with BNDES on October 02, 2006.
On February 8, 2008, the proposal for grouping all shares issued by the Compay was approved at the Special Shareholders' Meeting (AGE), upon consent by the Brazilian Electrical Energy Agency - ANEEL. Thus, Eletropaulo adjusted the trading of shares issued by the Company to BM&FBOVESPA guidelines with respect to this subject matter.
As from April 1, 2008, the shares were grouped under the ratio of two hundred and fifty (250) existing shares to one (1) share of the same type. Upon completing the grouping, the Company's shares started being traded only through unit quote. Simultaneously to the grouping operation, the Company split the ADRs so that 1 additional ADR was assigned to each ADR. Thus, each ADR holder started holding, after altering and grouping shares, two (2) ADRs, each one representing one (1) share issued by the Company after the grouping.
At the Special Shareholders' Meeting held on December 20, 2010, the conversion of class A preferred shares to class B preferred shares was approved. Hence, the Company reinforces the commitment to the good Corporate Governance practices, conferring all preferred shares with the 100% tag along right, in addition to providing the increase of liquidity for former class A preferred shares.
As from December 21, 2010, the Company's preferred shares started being traded at BM&FBOVESPA under the ticker ELPL4. Thus, tickers ELPL5 and ELPL6 ceased to exist on the same date. Therefore, ELPL6 history is considered as ELPL4 preferred share.
In December 2015, a corporate restructuring involving its controlling company Companhia Brasiliana de Energia S.A. was completed, and as from January 1, 2016, Eletropaulo started being controlled by Brasiliana Participação S.A. by means of its direct and indirect (by means of AES Elpa S.A.) shareholding.
In November 2017, the Company concluded its migration to Novo Mercado, the highest level of corporate governance of B3, trading only common shares (ELPL3). In the same year, the Company's ADR program was closed.
In April 2018, Eletropaulo's Public Offer for Acquisition of Shares began, including the Companies Energisa S.A, Neoenergia S.A and Enel Brasil Investimentos Sudeste S.A.
On June 4, 2018, the auction for the acquisition of Eletropaulo’s control was completed, and, as a result, Enel Brasil Investimentos Sudeste S.A. acquired, at the price of R$45.22 per share, 122,799,289 common shares, representing, approximately, 73.4% of Company’s total and voting capital, including the treasury shares. During the selling period of the ramaining shares, 33,359,292 shares were also acquired by Enel, which, since July 13th, 2018, date of settlement of the last lot of shares acquired, is the holder of 93.3% of the share capital of the Company.
On September 19th, the Company's Board of Directors approved the Vapital Increase process, Whereby, Enel now holds 189,323,545 registered, book- entry common shares, with no par value, corresponding to 94.4% of the total and voting capital of the Company.
Since December 3, the Company's name is Enel Distribuição São Paulo.
On November 6, 2019, the reverse merger of Eletropaulo with its then direct parent company, Enel Brasil Investimentos Sudestes S.A (“Enel Sudeste”) was approved. The operation consisted of the incorporation of the total equity of Enel Sudeste, at book value. As a result of this Merger, the Company succeeded Enel Sudeste as a universal holder in all its rights and obligations, transferring all of its assets and liabilities to the Company's equity. In addition, Eletropaulo’s then indirect parent company, Enel Brasil S.A., received in substitution for the shares issued by Enel Sudeste, shares issued by Eletropaulo in the same amount and in the same class and type of shares held by Enel Sudeste.
On November 21, 2019, the Public Tender Offer auction was held to cancel Eletropaulo's registration as a publicly-held company with the CVM under category “A” and conversion to category “B”.
As a result of the Auction: (i) Enel Brasil S.A. acquired 2,959,302 common shares issued by the Company, representing 1.48% of its total share capital; and (ii) 5,174,050 common shares issued by Eletropaulo remained outstanding, representing 2.58% of its total share capital. The shares were acquired at the unit price of R $ 49.39, totaling R $ 146,159,925.78. After the conversion, the Company's shares are no longer admitted to trading on regulated securities markets. On November 28, 2019, the Company and Enel Brasil concluded the Advance Term for Future Capital Increase (“AFAC”) in the amount of R$ 256,038,513.00, referring to the compulsory redemption operation. The capital increase occurred through the capitalization of AFAC credits and the issuance of a private subscription of 5,184,015 new shares, at the issue price of R $ 49.39 per share. Consequently, the Company's share capital totalized R$ 3,079,524,934.33, divided into 197,466,862 common shares, all registered, book-entry and without par value.
On December 30, 2019, the cancellation of 3,058,154 common shares issued by the Company held in treasury was approved at the Extraordinary General Meeting and Enel now holds 197,466,862 common shares issued by the Company.