Primav Clinches EcoRodovias Stake

Primav Clinches EcoRodovias Stake

Brazil Europe M&A

Italy's Impregilo has accepted a BRL2.02bn ($995m) bid from Brazilian construction company Primav Construcoes for a 19% stake in EcoRodovias, EcoRodovias says. The BRL19.00 per share price for the 106m shares represents an offer sweetened last week from the BRL17.90 offered in July. The offer represents a 5% premium to the previous day's closing price, Impregilo says, a 15.6% premium to the average price in the last six months, and an 11x Ebitda multiple. EcoRodovias shares closed Wednesday at B

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