Braskem to Sell QuantiQ for BRL500 Million to GTM Holdings
January 11 2017 - 5:20AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Brazilian petrochemical producer, Braskem SA, agreed
to sell its chemical distributor quantiQ Distribuidora Ltda for 550
million reais ($172 million) to GTM Holdings SA, which is
controlled by private equity company Advent International.
BRL450 million will be paid at the end of the sale, with the
remainder be disbursed up to 12 months afterward, said GTM, which
will obtain equity financing from Advent for the acquisition.
The deal still needs be approved by Brazilian antitrust
authorities. It will follow GTM's recent purchases of High Chem
Specialties in Mexico and Peruquimicos S.A.C. in Peru. With
quantiQ's acquisition, GTM will operate 62 distribution centers
across 12 countries in Latin America.
Braskem, which is jointly controlled by Brazil's construction
conglomerate Odebrecht SA and state-run oil company Petroleo
Brasileiro SA, or Petrobras, said the sale of quantiQ was part of
its strategy to strengthen its petrochemical operation.
In December, Braskem signed a lenience agreement over corruption
charges with the U.S. Securities and Exchange Commission, the U.S.
Department of Justice and authorities in Brazil and Switzerland,
accepting fines totaling around $957 million.
-Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
January 11, 2017 05:05 ET (10:05 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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