Caixa exits IRB

Caixa exits IRB

Equity Capital Markets Economy & Policy Corporate & Sovereign Strategy Rule 144a/ RegS Rule 476 Brazil

Brazil's Caixa Econômica Federal has sold its stake in the reinsurance company IRB Brasil Re through a follow-on offering on the B3 stock exchange in São Paulo. The federal savings bank's university scholarship fund Fgeduc earned BRL2.52bn ($673m) from the sale of its 8.9% stake in IRB, offloading 27.7m shares for BRL91 each. Caixa led the offering itself with assistance from Bank of America Merrill Lynch, Bradesco BBI, BB Investimentos and Itaú BBA. The offering was open to other shareholders,

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