Brazil's Itau buys ConectCar from Odebrecht for 170 mln reais
SAO PAULO Oct 21 (Reuters) - Itau Unibanco Holding SA , Brazil's biggest bank by market value, agreed on Wednesday to buy 50 percent of automatic toll company ConectCar for 170 million reais ($43 million) in cash.
The bank said in a securities filing that its Redecard payments division was buying the stake from Odebrecht Transport SA, pending regulatory approval and other unspecified conditions.
Ultra Group owns the other 50 percent.
ConectCar is Brazil's second-biggest toll payment company, facilitating remote payment at highway tolls, parking lots and gas stations in 12 Brazilian states and the federal district.
Grupo Odebrecht is refocusing its business and shoring up its cash position after a corruption scandal involving state-run oil company Petrobras drove up financing costs.
Itau added that the ConectCar deal would not have a significant impact on its financial results.
($1 = 3.94 Brazilian reais) (Reporting by Aluisio Alves; Writing by Brad Haynes; Editing by Lisa Shumaker)
© Thomson Reuters 2017 All rights reserved.