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BEST PRIVATE EQUITY DEAL

Jan 1, 2011

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 December 20.

Apax says the price paid represents a 21.39% premium to the average close since Tivit’s 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. Goldman...

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