Brazilian businessman Eike Batista ceded control of LLX Logística to EIG Global Energy Partners. The deal, worth USD 562 million, would be done through private placement. Under the terms of the agreement, Batista gave up his right to acquire LLX shares to the Washington-based investment group. In addition, the agreement stated that Batista would leave the LLX board upon completion of the deal. He would still hold a "relevant" stake in the port logistics firm. Batista would also still have the right to nominate someone as board member. The Brazilian tycoon is currently the largest stakeholder of LLX.
Batista sold LLX in a bid to shore up funds to complete Açu Superport. Located in the state of Rio de Janeiro, Açu Superport is a mining, energy and shipbuilding compound. In a securities filing, LLX Chief Executive Officer Marcus Berto said, "The commitment undertaken by EIG proves LLX's ability to attract global leading investors specialized in the energy and infrastructure sectors and acknowledges the competitive advantage offered by Açu Superport."
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