The acquisition price of BRL1.2 per share represents a significant discount to the company’s current share price of BRL1.51.
Batista will retain an interest in LLX, but will have no operational control over the business and will also leave its board.
The company was part of Batista’s holding group EBX, which has seen a dramatic decline in its asset value.
Earlier this year Batista sold a controlling interest in MPX Energia to energy group E.ON.
In April this year it was reproted that EIG was expected to hold a $2bn first close for its latest fund.
The firm, which spun out of asset manager and Carlyle buyout target TCW in January 2011, had set a $4.25bn target for EIG Energy Fund XVI but could collect up to $6bn.
EIG launched the fund in February 2012, about nine months after closing EIG Energy Fund XV vehicle on $4bn.
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