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