Batista Transfers Prumo Stake to Mubadala

Posted by Michelle Howard
Tuesday, August 05, 2014

Brazilian tycoon Eike Batista agreed on Tuesday to transfer a 10.44% stake he has in port and logistics company Prumo Logística SA to sovereign wealth fund Mubadala Development Co PJSC.

The transaction is expected to be completed during the third quarter, Prumo said in a securities filing after receiving a notification from Batista's office. Batista, who founded the company and originally named it LLX Logística SA, is divesting some of his holdings in an effort to renegotiate about $2 billion in debt with Mubadala.

The filing did not give further details on the transaction.

(Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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