Today we are going to talk about the entry of a new partner in the CCR control group (CCRO3) and about raising funds from Movida (MOVI3) to continue growing.
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Andrade Gutierrez signs sale of stake in CCR
CCR (CCRO3), one of the largest infrastructure concession companies, announced yesterday (26) that construction company Andrade Gutierrez signed a contract for the sale of its stake to investment manager IG4. The completion of the transaction depends on the approval of Cade (Administrative Council for Economic Defense), regulatory agencies, Andrade creditors and the signing of a new shareholders’ agreement between the current controllers of CCR and IG4.
With the acquisition of 14.86% of CCR’s capital, IG4 becomes one of the largest shareholders and integrates the company’s controlling block, alongside Soares Penido and Camargo Correa.
The acquisition value is BRL 4.6 billion, and may reach BRL 5 billion, depending on the behavior of CCR’s shares in the next 12 months, and will be paid with the participation of Macquarie Asset Management, of the Australian group Macquarie, which will enter as a strategic financial investor in the transaction.
For Andrade Gutierrez, the sale provides momentary relief. The company is heavily indebted and has late payment obligations. The relationship between her and IG4 is not new. The manager acquired the concession of the Hospital Metropolitano de Belo Horizonte precisely from Andrade, in an operation completed in early 2020.
CCR, in turn, gains a strong shareholder that has other investments in infrastructure, such as Iguá Saneamento and Aenza, one of the main infrastructure groups in Peru. IG4 must appoint members to CCR’s board of directors, adding knowledge to the company.
Movida wants to raise up to R$1.75 billion with the issuance of debentures
Movida, the third largest car rental company in Brazil, announced yesterday (26) its seventh issue of simple debentures, not convertible into shares, with funding that could reach R$ 1.75 billion.
The debentures will be subject to public distribution, with restricted placement efforts. The offer’s exclusive target audience is professional investors. The issue will be carried out in three series: the first and second correspond to an amount of R$1.4 billion and the third series corresponds to a total of R$350 million.
The funds obtained from the first two issues will be used for working capital, cash management and liquidity reinforcement, with the extension of the debt profile of Movida and its subsidiaries.
Third series issues, on the other hand, are characterized as “green debentures”. The funds will be used to purchase a fleet of electric, hybrid or clean energy vehicles (without fossil fuels). This category has been included in Movida’s offer since the last quarter of 2020 due to an exclusive partnership with Nissan, which initially involved 50 units of the Nissan Leaf electric car. The objective with the partnership is to reach 20% of the fleet equipped with electric and hybrid vehicles within 10 years.
We expect a neutral impact on Movida’s actions (MOVI3). The expansion and diversification of partnerships with automakers, combined with a long-term vision, has allowed Movida to present consistent growth. In the first half of 2021, the company had an amortization volume of BRL 1.8 billion, ending the period with a cash position of BRL 3.4 billion which, combined with fundraising with debentures, capitalizes the company to execute your growth plan.