BTG Pactual Investors May Reap 60% Returns in Bank IPO
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J.C. Flowers & Co. and the Agnelli family that controls automaker Fiat SpA are among Banco BTG Pactual SA investors who may gain as much as 60 percent selling stakes in the Brazilian lender’s initial public offering.
BTG, led by billionaire Andre Esteves, may be valued at as much as 29.4 billion reais ($15.8 billion), or 3.5 times book value, if the units are sold at the highest level of the range the bank proposed in a regulatory filing ahead of the offering. The units, which represent shares of the bank and BTG’s private-equity firm, are set to price on April 24 and begin trading in Sao Paulo and Amsterdam two days later.