Itaúsa and Votorantim Announce Purchase of CCR Shares Previously Owned by Andrade Gutierrez for R$ 4.1 Billion

With the purchase, the company Itaúsa will hold 10.33% of CCR’s shares

The companies Itaúsa and Votorantim SA announced, last Tuesday (the 5th), that an agreement was signed between them and Andrade Gutierrez for the purchase of the stake held by Andrade in the infrastructure operator CCR, for a value of R$ 4.1 billion.

In March, Broadcast, the real-time news system of Grupo Estado, had already anticipated the interest of both companies in acquiring part of CCR’s shares, through the purchase of the stake belonging to Andrade Gutierrez. Thus, at the end of that same month, the companies’ offer was formalized, at a price per share of R$ 13.75, which represents a premium of 5% over the value of CCR’s shares at that time.

This Tuesday, on the other hand, CCR’s shares closed at R$ 12.04.

The purchase involves 300,149,836 shares of the operator, of which Itaúsa will keep the majority, equivalent to 208,669,918 shares. In this sense, the investment from the holding, which is now also starting to operate in mobility concessions, will be R$ 2.9 billion, and it will hold 10.33% of CCR’s capital.

Andrade Gutierrez’s stake, in turn, was 14.86%.

According to information sent by Itaúsa to the Securities and Exchange Commission (CVM), its investment will be financed partly with its own resources and partly with third-party capital. In addition, the company does not foresee significant impacts from the transaction on this year’s results.

If the purchase is concluded, Itaúsa will have the right to appoint to CCR’s board of directors, as well as to the company’s advisory committees, the same number of directors as the other signatories of the shareholder agreement.

As stated in a note by Itaúsa’s CEO, Alfredo Setubal, the investment has fundamental characteristics of the company’s efficient capital allocation strategy, which takes into account leading companies in their sectors, an attractive risk/return relationship, growth potential, and a positive impact on society.

Setubal further stated that the purchase reaffirms the company’s confidence in Brazil’s future, as well as reinforcing its commitment to creating long-term value for shareholders and society.

According to a letter sent by Andrade Gutierrez to CCR, the conclusion of the purchase is subject to the fulfillment of certain preconditions, such as the non-exercise of the right of first refusal by certain shareholders, and also to approval by the Administrative Council for Economic Defense (Cade).

About Itaúsa

Itaúsa is a publicly traded Brazilian investment holding company, founded in 1966. The company has around 900 thousand individual shareholders, which corresponds to one of the largest shareholder bases in the Brazilian stock market.

Additionally, Itaúsa invests in relevant companies of the economy that stand out in their sectors, such as Itaú Unibanco, Alpargatas, Duratex, Copagaz, and NTS. Its stated purpose is the sustainable creation of value for shareholders and for society as a whole.

About CCR

The CCR Group is a national infrastructure, transport, and services concession company. Moreover, it is one of the leading companies in the administration of highways in Brazil, managing a total of 3,955 km, in states such as São Paulo, Rio de Janeiro, and Mato Grosso do Sul.

The Presidente Dutra Highway, for example, responsible for connecting São Paulo to Rio de Janeiro and considered one of the crown jewels of the Brazilian road network, is one of CCR’s concessions.