In 2018, year of presidential elections, the Brazilian Federal Government prepared to privatize the biggest state owned company in Brazil, Eletrobras, first Latin American and world’s fourth power supply industry. It also represents the largest single privatization transaction in the entire Brazilian history, estimated in BRL 20 billion ($6 billion, approximately). What are the regulatory issues involving privatization? How does it work in Brazil? These are questions we addressed in this single case through content analysis of extensive Brazilian official documents, such as Laws, sectorial and government agencies’ norms and deliberations. We also investigated the offspring of privatization in Brazil, to provide a comprehensive understanding of the current transaction scenario. Finally, managerial recommendations and future research on the topic are presented.