Algar sells stake to Singapore fund, calls off IPO

Algar sells stake to Singapore fund, calls off IPO

Capital Markets Equity IPO M&A Telecoms Brazil

Algar Telecom has sold 25% of voting stock to an affiliate of Singapore's GIC sovereign wealth fund for roughly BRL1bn ($306.16m), effectively calling off its IPO. According to a securities filing, the Brazilian firm received a BRL352m capital injection from the Singaporean affiliate Archy LLC for new shares. The telecom's controlling shareholder, Algar Empreendimentos e Participacoes, gained BRL648m from the sale of its own shares. Sources previously told LatinFinance that Algar had intended to

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