Brazil’s largest pension fund, Previ, will sell its 29-percent-stake in Brazilian electricity company CPFL Energia SA to State Grid Corp of China, Reuters news agency says.

CPFL told the stock market that Previ may receive 7.5 billion reais (US$2.31 billion) from the sale. Previ is the pension fund of Banco do Brasil SA, which is owned by the Brazilian state.

State Grid Corp of China announced in July that it would pay Brazilian group Camargo Correa SA 5.85 billion reais for Camargo Correa’s stake of 23 percent in CPFL.

The report says the Brazilian competition watchdog, Cade, approved Camargo Correa’s sale on Thursday, so opening the way for other shareholders in CPFL to sell their stakes.

Bonaire Participações SA, which owns 15 percent of CPFL, said it would tell State Grid Corp of China this week whether or not it was willing to sell its stake.