General Electric To Pay $300 Million For Stake In Brazil's EBX Group

Date : 05/24/2012 @ 8:55AM
Source : Dow Jones News
Stock : General Electric Company (GE)
Quote : 29.55  -0.72 (-2.38%) @ 6:02PM

General Electric To Pay $300 Million For Stake In Brazil's EBX Group

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General Electric Co. (GE) has agreed to pay $300 million to take a 0.8% stake in Brazilian industrial conglomerate EBX, which is owned by billionaire businessman Eike Batista.

"EBX is already a large GE strategic partner and by strengthening our existing relationship, this investment opens up more opportunities in key resource-rich areas of the world," GE Chairman and Chief Executive Jeff Immelt said in a statement.

GE will buy shares in Centennial Asset Brazilian Equity LLC and other offshore holding companies which comprise the EBX group, the statement said.

EBX will use the proceeds to reinforce the company's finances and help finance future investment opportunities, GE said. GE, meanwhile, said it's trying to bring "certain industrial production" to the Acu port in Rio de Janeiro state, which is being built by LLX Logistica SA (LLXL3.BR), an company controlled by EBX.

Batista, who is also the chief executive of EBX, last month sold a 5.63% stake in the Rio de Janeiro-based holding company to Mubadala, Abu Dhabi's sovereign wealth fund, for $2 billion.

Batista is raising money to diversify into industries from precious metals to entertainment and sports management, while investing in his existing iron-ore, oil, coal, shipping and power-generation companies.

-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com




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