PE Fund May Buy Tivit Stake

SAO PAULO (Reuters) – Shareholders of Tivit (TVIT3.SA), a Brazilian information technology company that went public in September, may sell a stake to a private equity fund to expand, Valor Economico said on Monday, without saying how it got the information.

Valor reported that the fund, which it did not name, offered Tivit’s controlling group of shareholders 19 reais ($10.5) a share, compared with a closing price of 16.80 reais on Friday.

Tivit shares rose 17 percent last week, probably on speculation over the transaction, the newspaper said.

According to the report, all majority shareholders, led by Patria Investimentos, Chief Executive Luiz Mattar and Director Eraldo de Paola, might be interested in divesting some of their holdings. They have an accord regarding change of control, Valor said, and a recent ban to sell shares after the initial public offering is near expiration.

The company said in a Monday filing at the Brazilian securities regulator that “it is only evaluating new opportunities.” The offers received from suitors “were so far seen as unacceptable by the controlling shareholders,” the filing added.

Since their Sept. 28 debut in the Sao Paulo stock exchange, Tivit shares have gained 17 percent. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)