News / EIG Group acquires majority stake in Brazillian port operator

EIG Group acquires majority stake in Brazillian port operator

🕔 August 20, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

LLX Logística signed last week a commitment with Washington D.C.-based EIG Group (EIG Management Company LLC - on behalf of the funds under its management or co-investors) for a R$ 1.3 billion ($562 million) investment via a private capital increase.

The transaction is still subject to precedent conditions, such as signing the permanent contracts, the applicable regulatory and corporate approvals and completion of a due diligence by EIG Group.

Blair Thomas, CEO of EIG Group said:

"EIG Group is a long-term investor, with assets in the energy and infrastructure sectors, operating in the energy sector in Brazil. Company management and its partners share the same opinion that there are few ventures in the world as favorable as Açu Superport."

LLX, the logistics company of EBX Group, was founded in March 2007. The company is currently building Açu Superport, the largest industrial (mining, energy and shipbuilding) port venture in Latin America, located in São João da Barra (RJ).

When the transaction is concluded EIG Group will become the new controlling shareholder of LLX. The current controlling shareholder will stand down from the board of directors but will continue to be a material shareholder and has the right to appoint a member to the LLX board of directors.

EIG Group will provide with the funds necessary to implement the Company's capital investment plan to build Açu Superport and to bolster its capital structure.

Marcus Berto, CEO of LLX, said:

"This commitment undertaken by EIG Group confirms LLX's capacity to attract major international investors and the competitive advantages and strategic importance of Açu Superport to Brazil."

The shares to be issued under the capital increase will have a fixed issuance price of R$ 1.20.

Source: LLX

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