Search

Localiza and Unidas should complete a sale of Brookfield's assets in the coming weeks



Localiza and Unidas are in very advanced talks with Brookfield Asset Management, which controls the Ouro Verde rental company, to complete the sale of part of its assets. The sale is a fundamental part for Localiza to get final approval from the Administrative Council for Economic Defense (Cade) in its plan to incorporate Unidas, the second-largest rental company in the sector. Localiza confirmed the negotiations for a deal in a material fact released this Friday to the market. The deal, according to sources, should be closed in the coming weeks.


According to the sources, the process is tight for Localiza and Unidas. Regarding the antitrust agency's rite, the company would have up to 180 days to present the potential buyer after Cade's approval in February, which would give a window until mid-July - the agency goes into recess at the end of June and returns only in the beginning of August. There would still be room for the company to request an expansion within 60 days, but this expansion needs to be approved by Cade, which would transfer the window to September. Without a deal until then, Localiza would have the merger disapproved by the antitrust agency.


The sources' view is that the deal is an excellent opportunity for Ouro Verde. As announced today by Localiza, the sale is around R$ 3.5 billion. The statement came after the release of a Bloomberg report. According to the report, there is at least one other interested in the assets with negotiations in progress, Advent International Corp, which was confirmed by Valor with sources.