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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Brookfield Asset Management Inc.    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT INC.

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Canada's Brookfield in talks to acquire 30% stake in Brazil sanitation firm: sources

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08/01/2019 | 11:48pm EDT

SAO PAULO (Reuters) - Canada's Brookfield Asset Management is in talks to acquire a 30% stake in Brazilian sanitation company Brookfield Ambiental from the workers severance fund FGTS, two people with knowledge of the matter said.

A deal could value the stake in BRK Ambiental, as the company is known, at around 2 billion reais ($520 million), said the sources, who asked for anonymity because the talks are private.

The stake, owned by workers' severance fund FGTS, is managed by Brazilian state bank Caixa Economica Federal, which has been divesting from most of its noncore assets.

Caixa Economica and Brookfield did not immediately reply to requests for comment.

Caixa has sold stakes it owned in Brazilian reinsurer IRB Brasil Resseguros SA and in state-controlled oil company Petroleo Brasileiro SA. So far it has sold around $2.6 billion in equity stakes.

Initially, Caixa proposed, as manager of FGTS, an initial public offering of the water and sewage company, but Brookfield is not interested in having a separate listed entity in Brazil and decided to make an offer to acquire the stake from FGTS.

Brookfield acquired a 70% stake in the company in October 2016 from construction conglomerate Odebrecht SA, for around 3.5 billion reais ($910 million).

Since the acquisition, Brookfield changed the name of the company and injected capital, so the final value of the deal should reflect the investments over the last two years, one of the sources said.

There is no time frame for the deal because the workers' severance fund board and Caixa are discussing the best criteria on which to value the assets, and apply them to all the stakes owned by FGTS.

(Reporting by Tatiana Bautzer in Sao Paulo; Additional reporting by Carolina Mandl in Sao Paulo; Editing by Matthew Lewis)

By Tatiana Bautzer

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. -3.97% 59.23 Delayed Quote.-17.79%
IRB - BRASIL RESSEGUROS S.A. 4.73% 10.4 End-of-day quote.-74.51%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -7.57% 13.3 End-of-day quote.-52.32%
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Financials (USD)
Sales 2020 77 747 M
EBIT 2020 16 208 M
Net income 2020 -
Debt 2020 -
Yield 2020 1,63%
P/E ratio 2020 13,0x
P/E ratio 2021 10,5x
Capi. / Sales2020 0,55x
Capi. / Sales2021 0,48x
Capitalization 42 707 M
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Technical analysis trends BROOKFIELD ASSET MANAGEMEN
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 65,60  $
Last Close Price 42,31  $
Spread / Highest target 55,1%
Spread / Average Target 55,1%
Spread / Lowest Target 55,1%
EPS Revisions
Managers
NameTitle
James Bruce Flatt CEO, Director & Senior Managing Partner
Frank J. McKenna Chairman
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
Nicholas Goodman Chief Financial Officer & Managing Partner
Dominic Dodds Managing Director-Technology
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