Goldman Sachs Group Inc.’s private-equity fund and General Atlantic LLC are in talks to buy a 12.75 percent stake in STP -- Servicos & Tecnologia de Pagamentos SA, the Brazilian electronic-toll-collection company, two people with direct knowledge of the matter said.
Toll-road operator EcoRodovias Infraestrutura & Logistica SA hired Banco Itau BBA SA to sell its stake in Osasco-based STP for about 250 million reais ($114 million), the people said, asking not to be identified because the negotiations are private. The talks, which include additional potential buyers, are preliminary and may not lead to a deal, the people said.
The number of vehicles traveling Brazil’s toll roads rose 4.2 percent in the past 12 months, according to Brazil’s Association of Highway Concessionaires. STP sells Sem Parar and Via Facil tags, which car owners use to pay tolls and parking fees. CCR SA, the biggest toll operator by revenue, and CCBR Catel Construcoes do Brasil Ltda are STP’s biggest shareholders, with a combined 73.25 percent, according to data on STP’s website.
STP said last month it agreed to sell a 10 percent stake to Raizen Energia SA, a joint venture between Royal Dutch Shell Plc and Cosan SA Industria & Comercio, for 250 million reais, in a capital increase that will dilute holdings of most existing shareholders when completed. Highway-concession company Arteris SA will retain its 4.68 percent stake after the deal, which must still to be approved by Brazil’s antitrust regulator.
FleetCor Technologies Inc., a Norcross, Georgia-based provider of fuel cards and workforce payment products to businesses, said on Sept. 10 it agreed to acquire DB Trans SA, a provider of payment solutions for independent truckers in Brazil and also an electronic-toll-collection company.
STP, EcoRodovias and Itau declined to comment, according to officials who asked not to be named in keeping with company policies.
Andrea Raphael, a Goldman Sachs spokeswoman, declined to comment in a e-mailed statement. Pat Hedley, a spokeswoman for General Atlantic, said the company’s policy is not to comment on investments it may be considering.