June 13, 2019 |
Companhia Brasileira de Distribuição, which still goes by its former initials GPA, has agreed to sell its 36.3% stake in the retail group Via Varejo for BRL2.23bn ($577m).
Michael Klein, the second largest shareholder in Via Varejo with 25.4%, is leading a group of investors that will buy the shares for BRL4.75 each, GPA said in a securities filing.
Shares in Via Varejo dropped 3.2% after the announcement to close at BRL4.84 on Wednesday. GPA's shares, however, went up 0.4% to BRL87.20.
Brazilian retail group agrees to sell its 36% share to the second largest shareholder for $577m