Advent International has completed its exit of Cetip, a Brazilian depository for private fixed income securities and over-the-counter (OTC) derivatives, after selling its remaining 10 percent stake to IntercontintentalExchange.
ICE, a global operator of exchanges, clearinghouses and over-the counter markets, purchased Advent's stake along with a 2.5 percent stake belonging to Brazilian bank Itau Unibanco for $512 million cash.
Shortly after Advent acquired its stake, Cetip held an R$881 million (€396 million; $600 million) initial public offering, during which the firm sold a portion of its holdings. Advent sold additional shares in a block trade earlier this year.
ICE will pay R$25.50 (€11.48; $16.20) per share for 31.6 million shares in Cetip, a weighted average of the company’s share price over the last 90 days and nearly twice its R$13 IPO share price.
Advent has made 15 investments in Brazil since 1997. The firm’s current fund, its fifth focused on Latin American investments, raised $1.65 billion in 2009.