Venezuela buys private electric company

CARACAS, Venezuela, May 10 (UPI) -- Venezuela bought a controlling stake Thursday in the country's largest private electricity provider, part of the government's widespread nationalization plan.

The government's state-run energy company, Petroleos de Venezuela SA, or PDVSA, obtained a 92.98 percent share of Electricidad de Caracas. The purchase reportedly cost PDVSA $836.9 million.

Venezuelan President Hugo Chavez has nationalized several sectors of the economy in recent months, including the country's petroleum and telecommunication sectors.