Eike Batista, the Brazilian billionaire whose estimated net worth has plunged 71 percent in a year, signed a financing arrangement with Grupo BTG Pactual.
The so-called strategic cooperation agreement with Batista’s EBX Group Co. includes financial advisory, lines of credit and future long-term capital investments in projects, according to an e-mailed statement from EBX.
Batista and BTG’s billionaire chief executive, Andre Esteves, will lead a strategic and financial management committee, EBX said. The agreement doesn’t imply BTG will be the only provider of financial services to EBX, it said. Fees will depend on performance of EBX companies.
Batista, 56, is seeking to raise money, including through the sale of assets, to boost output at existing projects. His oil business, OGX Petroleo e Gas Participacoes SA, cut production targets in June, fueling additional declines at six publicly traded firms he owns. His net worth has plunged to $9.9 billion from $34.5 billion on March 31, according to the Bloomberg Billionaires Index.
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