June 8, 2018 / 6:32 PM / 5 months ago

Starboard, Apollo seek to invest $131 million in Brazil retailer: source

SAO PAULO (Reuters) - Starboard Restructuring Partners and buyout firm Apollo Global Management LLC (APO.N), have proposed to invest in convertible bonds to be issued by Brazilian appliance retailer Maquina de Vendas SA, one source with knowledge of the matter said on Friday.

According to the sources, Starboard has committed to injecting 500 million reais ($131 million) into the bonds in Maquina de Vendas, which could later be converted into an undisclosed equity stake.

Maquina de Vendas, which has 800 stores in Brazil, restructured 1.5 billion reais in debt with lenders last year. Owners and the banks have been looking for investors for almost two years.

Maquina de Vendas, Starboard and Apollo did not immediately comment on the matter.

Newspaper O Estado de S. Paulo reported earlier on Friday Starboard is close to acquiring Maquina de Vendas.

Reporting by Tatiana Bautzer; Editing by David Gregorio

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