Venezuela buys electric company

CARACAS, Venezuela, Feb. 9 (UPI) -- The Venezuelan government bought the country's largest power provider as part of its nationalization plan, El Universal reported Friday.

The government reportedly paid $740 million for Electricidad de Caracas which was owned by the U.S. company AES Corp.

Venezuela now holds an 82 percent share of the company.

After beginning his second term in office earlier this year, Venezuelan President Hugo Chavez called for a wide-ranging nationalization plan for the country's energy sector, including the petroleum industry.