2023-12-22 19:27:29
Sabesp closed the contract with the banks that will coordinate its share offering, which will lead to the privatization of the sanitation company in the State of São Paulo.
Sabesp hired BTG Pactual (lead coordinator), Bank of America (stabilization agent), Citi and UBS BB.
According to a source familiar with the matter, the offer is estimated to be worth between R$10 billion and R$20 billion, but the structure of the transaction has not yet been defined.
“It is not yet known how much will be primary, how much secondary, and the percentage that the State will have in the next minute,” said this source.
The expectation, however, is that the operation will take place between the end of the first and the beginning of the second half of 2024.
The operation model will be the same as Eletrobras and Copel, with the State diluting its participation in the offer to the point of losing control of the company. Today, the State of São Paulo has 50.3% of the company’s total capital.
“If there is an operation to come out next year, I think this is it. It has already gone through the main rites and is in demand,” said a source who is involved in the operation. “But it is a privatization, there is always risk.”
In addition to investment banks, Sabesp hired Laplace consultancy with a ‘deal adviser’.
In practice, Laplace’s role will be that of a “process watchdog, an organizer and facilitator for all stakeholders of the company,” according to a source close to the operation.
Pedro Arbex
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#banks #privatize #Sabesp
