Brazil’s largest in­vest­ment bank agrees to sell $1.8b stake

The Pak Banker - - Front Page -

BRASILIA: Brazil's biggest in­vest­ment bank BTG Pac­tual is to sell a $1.8 bil­lion stake to a group of in­vestors in­clud­ing the Roth­schild and Agnelli fam­i­lies as well as Mid­dle East and Asia funds. Ital­ian in­vest­ment hold­ing Exor SpA, con­trolled by the Agnelli fam­ily, is par­tic­i­pat­ing in the group of in­ter­na­tional con­sor­tium that would ac­quire 18.65 per cent of the cap­i­tal in BTG Pac­tual.

The in­ter­na­tional group of in­vestors will buy BTG Pac­tual new-is­sue shares. The group will own about 19 per­cent of BTG fol­low­ing the trans­ac­tion. Esteves and his part­ners bought Banco BTG Pac­tual, Brazil's biggest eq­uity un­der­writer, back from UBS AG for $2.5 bil­lion last year.

BTG, which cited mar­ket con­di­tions for can­cel­ing an ini­tial pub­lic of­fer­ing in June, is ex­pand­ing its merg­ers ad­vi­sory and un­der­writ­ing busi­nesses as Latin Amer­ica's largest econ­omy grows at the fastest pace in more than two decades. -PB News

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