SAO PAULO, Aug 8 (Reuters) - Sam Zell’s fund Equity International is investing $125 million to get an undisclosed stake in Brazilian parking lot operator Estapar Participações SA, which is controlled by investment bank Grupo BTG Pactual, the companies said in a statement Monday.
The proceeds will be used by the operator to fund expansion.
“This new capital injection will allow us to expand our portfolio, including infrastructure operations in airports, sports arenas and private, long-term contracts,” André Iasi, chief executive at Estapar, said in the statement.
Equity International will have one board seat at Estapar, joining controlling shareholder BTG Pactual and funds Templeton Emerging Markets and Bozano Investimentos. Last year, BTG Pactual had a 68 percent stake in Estapar.
Brazilian investment bank Grupo BTG Pactual has been selling assets since November 2015 to protect cash and regain confidence among customers and clients.
Founder André Esteves was arrested in November in the widest-ever corruption investigation in Brazil, and released one month later. He is charged with obstructing a corruption probe at state-controlled oil company Petróleo Brasileiro SA and in April, Esteves, who has repeatedly denied any wrongdoing, returned to Latin America’s largest independent investment bank in a senior advisory role. ($1 = 3.1887 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Bill Trott)