- Holding increases its portfolio with Brazil’s leading company in water sanitation
The Brazilian investment holding Itaúsa has just acquired a 10.2% stake of voting capital and an 8.5% stake of the total capital of Aegea Saneamento e Participações S.A, the leading company in water sanitation in Brazil. The remaining capital will be held by Aegea’s current controlling shareholders and the Singapore Sovereign Fund (GIC).
Itaúsa’s investment in this transaction will be R$ 1.3 billion plus price adjustments provided in the Agreement. The company believes that, in addition to contributing to good management and corporate governance practices, the investment enhances Aegea‘s execution of its growth plan, supporting new opportunities that maximize the value creation of its business.
With this investment, Itaúsa adds to its portfolio an asset that combines attractive returns, high potential growth, and positive impact for society. This acquisition is aligned with Itaúsa’s capital allocation strategy by teaming-up with strategic partners with proven experience in the sector in which they operate.
“The investment in Aegea reaffirms our strategy of diversifying our portfolio, as it joins strong brands and leaders in their respective segments with great return potential. We have entered a sector that is essential for the development of the country, which is water sanitation, and we believe we will make a difference and positively impact the lives of millions of Brazilians”, says Alfredo Setubal, Itaúsa’s president. “The synergy of values together with the commitment with sustainability and long-term vision in the search for consistent results for our shareholders were decisive factors in this partnership.”
According to the Agreement negotiated with current Aegea investors, Itaúsa will have the right to appoint one member to each of the following bodies: Board of Directors, Audit Committee and Finance Committee. In addition, Itaúsa will have other rights attributable to relevant shareholders. The funds are expected to be raised through a long-term debt instrument. This investment will be accounted for using the equity method, should be concluded in the second quarter of 2021 and shall not produce relevant effects on Itaúsa’s results in this fiscal year.
About Aegea
Aegea Saneamento is one of the leading companies in the management of sanitary assets in Brazil, through concessions in several states. Having had exponential growth, Aegea went from serving six cities in 2010 to 126 cities in 2021, in 12 states, benefitting more than 11 million people.
This increase was only possible because of the company’s business model, which relies on operational efficiency, target achievements and responsible investments, as well as being aligned with ESG principles. For more information, see: http://www.aegea.com.br/
About Itaúsa
Itaúsa is a Brazilian investment holding listed in the stock market with more than 45 years of track record. With a diversified portfolio of leading companies in their respective fields and present in more than 50 countries, the company has approximately 900,000 individual shareholders, being one of the companies with the largest shareholder base in the Brazilian stock market.
It invests in relevant companies for the economy and their respective sectors, such as Itaú Unibanco, Alpargatas, Duratex, Copagaz, and NTS, acting with integrity, ethics, discipline, and confidence in all its actions, investment decisions and relationships. Its purpose is the creation of sustainable value for shareholders and all of society.
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