Brazilian homebuilder MRV Engenharia e Participações SA is planning to invest $220.0 million to $255.0 million in its Miami-based peer ahs Residential LLC through its MRV (US) Holdings Corp. subsidiary.
The company will subscribe for 20% of ahs' total capital stock, representing 50.01% of its voting capital. MRV could increase its ownership in ahs to as much as a 51% stake.
MRV said its management reaffirmed its recommendation for the potential transaction, which will be up for a vote during the company's extraordinary general shareholder meeting Oct. 4.
MRV said the transaction should allow the company to increase its shareholder value, expand into the U.S. market and provide synergy between the U.S. and Brazilian operations in property management.
