Aussies to Spinoff Brazil

Aussies to Spinoff Brazil

Brazil Equity M&A

Karoon Gas Australia has set November 10 for an IPO of its Brazilian subsidiary, Karoon Petroleo e Gas, according to regulatory documents. The deal would raise BRL1.18bn if priced at the BRL1,150 midpoint. The Karoon Petroleo e Gas spinoff will offer 1.03m primary shares, a 31.9% stake, at a range of BRL1,025-BRL1,275. A 15% greenshoe is also available. Investor meetings began Wednesday in Asia and Brazil, and will proceed to Europe and then the US. Karoon plans to use the proceeds from the IPO

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