April 13, 2016 / 12:27 PM / 2 years ago

BTG Pactual, partners exit Brazil's Leader stake for 'symbolic amount'

SAO PAULO, April 13 (Reuters) - Grupo BTG Pactual SA’s private equity unit and a group of partners said on Wednesday they sold their stake in ailing Brazilian retailer Leader Participações SA for a “symbolic amount” as the country’s largest independent investment-banking firm disposes of risky proprietary investments.

In a securities filing, BTG Pactual Participations Ltd and clients in an investment vehicle agreed to sell their stake in Rio de Janeiro-based Leader to local firm Legion Holdings. Terms of the sale were not disclosed.

Reuters reported in December that BTG Pactual and clients were negotiating the sale of their 70 percent stake in debt-laden Leader as the impact of a scandal that hit the bank had made it harder to raise fresh capital for the retailer. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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