French Apax Partners comes to the tropics

Brazilian IT company  TIVIT announced that French private equity company Apax Partners acquired 54% of the company’s shares. The total acquisition price for the equity stake will be approximately $890 m, amounting to an EV of $ 945 m.

According to Luiz Azevedo, analyst of Bradesco Corretora, the price paid for the stake was R$18.1, a premium of 9.7% from the stock’s closing price last Friday and 24.5% above the IPO price (adjusting for dividends).

Delisting? It is possible that Apax will make the decision of delisting TIVIT.  On the other hand, Apax did not indicate any intention to change TIVIT’s growth strategy, which should therefore remain on track. Besides private equity funds Votorantim and Patria, Luiz Mattar and Eraldo de Paola were in the  controlling group. Mr. Mattar will continue to hold 2.2% a stake and will remain as TIVIT’s CEO.

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About Hildete Vodopives

Hildete de Moraes Vodopives is founder of Brazil Global and of the Harvard Strategists Bureau. She is a member of the Brazilian Investment Analysts Association (APIMEC-Rio) where she served as Corporate Relations Director and later, on the board. Hildete advises companies doing business in Brazil. She lives between Paris and Rio and is a member of the Harvard Club of Paris and of the Mercosur Women’s Forum.
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