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Exclusive: Odebrecht agrees to sell Angola diamond mine stake – sources
7:17 CAT | 02 Aug 2017
Reuters (File photo) / The corporate logo of Odebrecht is seen inside of one of its offices in Mexico City, Mexico May 4, 2017. Picture taken on May 4, 2017.
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 on Tuesday.
According to the person, 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.
A spokesman for São Paulo-based Odebrecht declined to comment. Efforts to contact Catoca and Endiama after working hours in Luanda was unsuccessful.
The people spoke under condition of anonymity, because terms of the transaction remain private.
Source: Reuters
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