Odebrecht agrees to sell a 16% Stake in Angola Diamond Mine

Google+ Pinterest LinkedIn Tumblr +

Odebrecht SA, the Brazilian conglomerate selling assets in the wake of a corruption scandal, has agreed to sell a 16.4 percent stake in the world’s No. 4 diamond mine to a partner, a person with direct knowledge of the transaction said told Reuters.

According to the source, Odebrecht decided to exit Sociedade Mineira de Catoca Lda to raise cash to meet a 12 billion-real ($3.84 billion) asset sale goal for year-end 2018. State-controlled Empresa Nacional de Prospecção, Exploração, Lapidação & Comercialização de Diamantes de Angola EP, a partner in Catoca, bought the Odebrecht stake, the person added.

The deal was confirmed by another person, who declined to elaborate on terms. Bankers and lawyers had estimated the value of Odebrecht stake at about $300 million, valuing Catoca at $1.83 billion.

Share.

About Author

Leave A Reply