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JC Flowers to sell stake in BTG Pactual during flotation

4 Apr 2012

Private equity firm JC Flowers is planning to sell its stake in Latin America’s largest independent investment bank when it floats later this month.

BTG Pactual is aiming to sell one tenth of its shares from April 26 in a flotation which would value the bank’s equity at up to $15bn.

It is understood sovereign wealth funds GIC from Singapore, China’s CIC and the Abu Dhabi Investment Council all plan to hold on to their stakes in the company.

Controlling shareholder André Esteves’ 30 per cent stake will be valued at up to $5bn in the deal, with 35 other partners holding equity worth $150m.

BTG said it plans to use the proceeds to bring its core tier one capital ratio above 20 per cent and expand its operation across Latin America through offshoots in Mexico, Colombia and Argentina.

The bank’s income rose by 70 per cent last year to just under $1.1bn, marking a rapid rise from boutique investment house to one of the largest emerging market investment banks.

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