BEST PRIVATE EQUITY DEAL
In June, UK-based private equity giant Apax Partners, through its Dethalas vehicle, closed on its first investment in Brazil.
It acquired a 54.25%
stake in Tivit, a technology company that offers IT and
business process outsourcing (BPO) services, for 18.10
reais per share and an aggregate price of 874 million
reais, implying an enterprise value of 1.7 billion
reais. It was expected to have bought the rest of the
company from minority investors for the same price per share by
Apax says the price paid
represents a 21.39% premium to the average close since
Tivits October 2009 IPO. As part of the deal, Tivit CEO
Luiz Mattar keeps a 2.2% stake and will remain in charge.
Apax did the deal through its recently raised $15.9 billion
Apax Europe VII and $856.3 million Apax US VII funds. Credit
Suisse was lead advisor to Apax, with JPMorgan also advising.
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