Itaúsa - Investimentos Itaú SA concluded the sale of its entire 96.5% stake in chemicals company Elekeiroz SA to Kilimanjaro Brasil Partners I B - Fundo de Investimento em Participações Multiestratégia Investimento no Exterior.
Itaúsa's stake in Elekeiroz included 14,261,761 common shares and 16,117,360 preferred shares. Itaúsa received a price of about 95.87 Brazilian centavos per share, which will be adjusted for variations in the working capital and net debt of Elekeiroz.
The price may also be adjusted depending on the performance or sale of certain Elekeiroz assets, the receipt of certain off-balance sheet assets and favorable decisions in certain legal cases, as well as Kilimanjaro Brasil Partners eventually reaching a certain minimum rate of return.
The sale, which is part of Itaúsa's strategy to revise its investment portfolio, is not expected to have a significant impact on the company's results for the current fiscal year.
As of June 4, US$1 was equivalent to 3.75 Brazilian reais.
