UPDATE 1-China's State Grid to pay $1.8 bln for big stake in Brazil's CPFL

SAO PAULO, July 1 (Reuters) - CPFL Energia SA,

Brazil's largest power distributor, said on Friday that the

world's largest utility, China's State Grid International

Development Ltd, will buy a controlling stake in the company for

5.85 billion reais ($1.8 billion).

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