Sunday’s sale of a 41 percent stake in BR Towers SA, a Brazilian telecommunications real estate company that operates about 4,300 cellphone towers, and the recent divestiture of a 46 percent stake in truck fleet monitoring company Sascar Participações SA will boost net asset value at buyout firm GP Investments Ltd by 0.67 reais, or $0.30, a share. In a securities filing Monday, GP Investments, the largest Latin American private equity firm, said proceeds from the BR Towers transaction were about $250 million, a gross return of 2.8 times the amount initially invested and an internal rate of return of 67 percent measured in U.S. dollars.
In a statement late on Sunday, American Tower Corp agreed to pay $978 million for all of BR Towers. American Tower will pay in cash and assume debt to win control of the Brazilian company, which will generate about 292 million Reais ($131 million) in annual run-rate revenue.
$1 = 2.23 Brazilian reais