SÃO PAULO (Reuters) – Votorantim and Itaúsa on Wednesday formalized a proposal of 4.1 billion reais for Andrade Gutierrez’s stake in the infrastructure concessionaire CCR.
The offer, already accepted by Andrade Gutierrez, involves 300.15 million shares, at 13.75 reais each, or 14.9% of CCR, said Votorantim, which will invest 1.3 billion reais of the total. The value represents a 5% premium over the closing price of CCR’s share this Wednesday at B3, of 13.10 reais.
Considering the 5.8% interest in CCR already held by Votorantim, at the end of the transaction, Votorantim and Itaúsa will each hold approximately 10.3% of CCR’s capital.
Reuters reported earlier, citing sources, that Votorantim and Itaúsa formed a partnership to buy Andrade Gutierrez’s stake in CCR for around 4 billion reais.
Andrade Gutierrez had agreed in May last year to sell its stake in CCR to IG4 Capital for 4.6 billion reais, but the deal fell through.
Last month, Reuters revealed that the Peruvian group Aenza, controlled by the IG4 fund, submitted a bid for the deal, but then Andrade Gutierrez decided to enter into exclusive negotiations with Itaúsa and Votorantim, a source said.
Earlier this Wednesday, the Brazil Journal published that Itaúsa and Votorantim had agreed exclusivity to buy the stake in CCR.
(By Alberto Alerigi Jr., Tatiana Bautzer and Aluísio Alves)
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