Four months after investment manager IG4 was rejected, Itaúsa and Votorantim formalized an exclusivity agreement with Andrade Gutierrez to acquire its stake in CCR, sources familiar with the matter said. Andrade’s 14.86% stake in CCR would have been valued at more than R$4 billion.
The deal will still have to be ratified by Mover (formerly Camargo Corrêa) and the construction company and holding company Soares Penido, which are shareholders of the block and will have 60 days to exercise their preemptive right in the purchase of CCR shares.
After IG4 left the competition, due to the non-agreement of changes in the CCR shareholders’ agreement, the sale of the stake was led by BTG Pactual, acting by Andrade Gutierrez.
In this new process, IG4 also submitted a proposal, through an investment vehicle in Peru. The sale will allow Andrade to pay off debt with banks and the manager Quadra, which had these shares as collateral.
Itaúsa has cash on hand, after obtaining R$ 3 billion from the sale of XP shares, in two operations, one in December and another announced on Tuesday. And it also announced that it can sell another R$ 3.6 billion this year.
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