The investment bank controlled by tycoon Andre Esteves, Grupo BTG Pactual, had announced the exercise of an option to acquire 28.2 million shares in MPX Energia SA. MPX Energia is the power generation firm established by another billionaire Eike Bautista.
BTG would be purchasing the shares through BTG Pactual SA for a listed amount of BRL 181.6 million or USD78.7 million, according to documents filed by the firm with the regulatory authorities after markets closed. BTG had paid BRL6.45 per share, which has a 7.14% premium on the Sept.6 closing price per share, which is consonance with the capital injection agreement as announced last July 4.
The newly minted agreement had replaced plans conducted by MPX to accumulate BRL1.2 billion through a share offering. The plan was cancelled on July 4 when BTG admitted the terms were not viable due to existing market conditions. With the new agreement, EON SE would increase its stake in MPX to 36% via private placement, taking the difference from Batista's holdings which was left at 29%. With that, Batista steps down as chairman of MPX but both parties would jointly control the company under a separate partnership agreement.
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