Brazil’s Gafisa agrees to sell Tenda stake as IPO plan founders: Reuters

Brazil’s Gafisa SA has agreed to sell a minority stake in Construtora Tenda SA in a private deal following the collapse of a planned initial public offering for its low-cost homebuilding subsidiary.

In a securities filing on Wednesday, Gafisa said it agreed to sell up to 30 percent of Tenda to Jaguar Growth Asset Management LLC at a price of 8.13 reais per share. The deal values Tenda at 539 million reais ($161 million), according to the filing.