Canadian Pension Fund CDPQ, With About $300 Billion in Assets, Wants to Acquire Stake in CCR Owned by Andrade Gutierrez

Written by Flavia Marinho

Published on 06/04/2022 at 12:44

Updated on 03/06/2022 at 13:55

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Canadian Pension Fund CDPQ’s Interest in Andrade Gutierrez’s Company Makes CCR Shares Soar

The Canadian pension fund Caisse de depot et placement du Quebec is looking to buy Andrade Gutierrez’s stake in the Brazilian infrastructure company CCR SA, reported O Globo columnist Lauro Jardim on Sunday.

O Globo said that CDPQ is potentially looking to take the company private in the future. Two banks – Bank of America and Santander – were mandated by CDPQ for the deal, according to the report.

Last month, Andrade Gutierrez canceled a deal with Brazilian asset manager IG4 to sell its 14.86% stake in CCR, stating that certain prerequisites were not met.

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CCR Shares, Owned by Andrade Gutierrez, Surge After News of Possible Interest from Canadian Firm

CCR shares saw a strong session on Monday (6), amid news from the newspaper “O Globo” suggesting a possible delisting of the company. At 10:12 AM (Brasília time), CCR shares were up 6.13%, at R$ 13.33, after rising nearly 8% in early trading.

According to the newspaper’s columnist, Lauro Jardim, the Canadian pension fund CDPQ, with about US$ 300 billion in assets, hired two financial institutions to assist it in purchasing Andrade Gutierrez’s stake in CCR.

Additionally, the report states that CDPQ’s goal may be to take the company private.

According to the analysis team from XP, if confirmed, the news is positive for CCR for three reasons.

Canadian Pension Fund CDPQ, With About $300 Billion in Assets, Wants to Acquire Stake in CCR Owned by Andrade Gutierrez

Canadian Pension Fund CDPQ’s Interest in Andrade Gutierrez’s Company Makes CCR Shares Soar

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