GIC pays S$1.3b for 15% of Brazil’s Rede D’Or: Sources
RIO DE JANEIRO — Singapore sovereign wealth fund GIC paid about 3.2 billion reals (S$1.3 billion) for a 15.2 per cent stake in Brazilian medical care provider Rede D’Or Sao Luiz, two people with direct knowledge of the matter said yesterday.
RIO DE JANEIRO — Singapore sovereign wealth fund GIC paid about 3.2 billion reals (S$1.3 billion) for a 15.2 per cent stake in Brazilian medical care provider Rede D’Or Sao Luiz, two people with direct knowledge of the matter said yesterday.
GIC acquired half of the stake from the company’s founding Moll family and the rest from Brazilian financial services giant Grupo BTG Pactual, the sources said, asking not to be identified because the terms are not public.
GIC confirmed its investment in Rede D’Or but declined to comment on the terms of the deal. BTG said it sold a stake for 1.6 billion reals without specifying the size of the holding. Spokespeople for BTG and Rede D’Or declined to comment further.
Founded as a health diagnostics laboratory in 1977 by cardiologist Jorge Moll, Rede D’Or now ranks among the country’s biggest hospital operators with 4,500 beds in 27 locations. The Rede D’Or deal is part of GIC’s push into emerging markets.
The fund said last August it was more positive on these economies as it sought to benefit from growing middle classes, valuations and progress in reforms. BLOOMBERG