GIC Said Close to Purchasing Stake in Brazil’s BR Towers
Government of Singapore Investment Corp., manager of more than $100 billion of the city’s reserves, is close to a deal to buy a 20 percent stake in BR Towers SA, the Brazilian operator of cellular towers, two people with direct knowledge of the transaction said.
Singapore’s sovereign wealth fund is making the investment to profit from Brazil’s increased spending on infrastructure, according to one of the people, who asked not to be identified because the deal is private. GIC’s Twickenham Investment Pte. unit is handling the acquisition, the person said.
GIC’s press office didn’t return calls left on its answering machine after office hours and didn’t respond to text messages. BR Towers Chief Executive Officer Mauricio Giusti didn’t respond to e-mails and a telephone call.
Private-equity firm GP Investments Ltd. (GPIX) created Sao Paulo- based BR Towers after it agreed in September to buy about 2,000 telecommunications towers in Brazil for 503 million reais ($258 million). Last month, Sitesharing Brasil SA agreed to purchase a 15 percent stake in BR Towers for an undisclosed amount.
Cade, Brazil’s antitrust regulator, said today it approved a transaction involving BR Towers and Twickenham without giving details of the deal.
To contact the editor responsible for this story: David Scheer at email@example.com