Carlyle buys majority stake in Brazil's Tempo, aims to take it private

lunes 9 de noviembre de 2015 17:04 GYT
 

SAO PAULO Nov 9 (Reuters) - Carlyle Group LP purchased a majority stake in Brazilian specialized assistance provider Tempo Participações SA for an undisclosed sum, the U.S. private equity firm's third deal in the country this year.

Under terms of the deal, which was disclosed on Monday, Carlyle bought 82.1 million shares, or the equivalent of a 51 percent stake, of Tempo, in a tender offer that took place at the São Paulo Stock Exchange, Carlyle said in an e-mailed statement.

Carlyle will aim to take Tempo private through a buyout for minority shareholders that will be subject to regulatory approval.

Initially created as a dental and healthcare insurance provider, Tempo has recently specialized in support services, such as roadside and travel assistance as well as providing domestic emergency staff, such as plumbers, electricians and locksmiths.

In April, Carlyle paid $1.75 billion for an 8 percent stake in Rede D'Or São Luiz SA, Brazil's largest hospital chain. Last month, Carlyle teamed up with local investment fund Vinci Partners to buy distance-learning college Uniasselvi from Kroton Educacional SA for 1.1 billion reais ($289 million).

When Carlyle first announced an intention to buy Tempo on Aug. 14, the price for the stake in Tempo was valued at between 647 million and 718 million reais. That price included a subscription bonus in the form of shares of insurer Qualicorp SA that Tempo shareholders could receive as part of the payment.

Washington-based Carlyle oversees more than $193 billion in assets.

($1 = 3.7977 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Leslie Adler)