Banco BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, has chosen Banco Bradesco SA to work on its initial public offering, according to a person familiar with the matter.
Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) will help handle the sale, said another person, who declined to be identified because the process is private. The filing may happen this week, the person said. A spokeswoman for BTG declined to comment.
BGT plans to sell 10 percent of itself in the IPO through primary shares on the Sao Paulo exchange, said the person. Representatives at BTG, JPMorgan, Bradesco and Goldman Sachs declined to comment.
BTG postponed its IPO after selling about 18 percent of the company to a group of investors in December 2010. It sold a $1.8 billion stake to a group that includes the Rothschild family and Italy’s Agnelli family, which controls automaker Fiat SpA. Other investors include J.C. Flowers & Co., Government of Singapore Investment Corp., China Investment Corp. and the Abu Dhabi Investment Council.
The 2010 transaction valued BTG at about $10 billion. On Feb. 8, 2012, BTG announced the buying of Chile’s brokerage firm Celfin Capital SA for $245 million in cash and 2.4 percent of BTG equity, for a total of $600 million, according to a person familiar with the matter. The equity portion means that BTG was worth about $15 billion in the deal.
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