Pátria to reduce stake in Smartfit

Pátria to reduce stake in Smartfit

Corporate & Sovereign Strategy Equity Brazil Capital Markets

Brazilian investment firm Pátria Investimentos plans to sell part of its stake in local gym operator Smartfit through a share sale in the local stock market, according to a securities filing. Pátria is expected to sell 32.6 million shares in Smartfit and cut its stake to 32.7% from 38.3%, the gym operator said in the filing on Wednesday. Shares in Smartfit rose 6.4%% to close at BRL17.95 on Thursday, making the deal worth BRL585 million ($116 million). Smartfit's shares have gained 41% since the

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