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Brazilian PE firm Pátria Investimentos to invest 500M reais in Smartfit

Brazilian private equity firm Pátria Investimentos Ltda. agreed to acquire new and existing shares in Brazilian gym operator Smartfit Escola de Ginástica e Dança SA, Reuters reported, citing a securities filing.

Patria, which is backed by Blackstone Group LP, will invest about 500 million reais in exchange for the stakes, according to the report.

As of May 31, US$1 was equivalent to approximately 3.91 Brazilian reais.