|
Better Than Goldman? ABrazilian star heads to market 比高盛还好?巴西投行业明星即将上市 The announcement on March 1st that BTG Pactualplans an initial public offering came afterweeks of speculation. Andr Esteves, the Brazilianinvestment bank s chief executive, had said beforethat an IPO was a matter of when, not if. A privatedeal in late 2010 with sovereign-wealth funds andrich families, including the Agnellis and theRothschilds , had brought in $1.8 billion inreturn for 18% of the firm. But BTG has spent at least $1.5 billion on a series of takeovers inthe past five months, eating up capital. The most recent deal, a cash-and-shares purchaseof Celfin Capital, a Chilean brokerage, implied a valuation of $14.8 billion. The moment tolist, it seemed, had arrived. 3月1日，巴西百达发表声明称公司计划进行首次公开发行。此前数周里，人们一直在猜测百达要上市的传闻。这家巴西投行的CEO安德鲁艾斯泰维斯曾说过，IPO并非是否要做，而是何时做的问题。百达在2010年末曾向一些主权财富基金和几个财势雄厚的家族非公开发行了18%的股份，募得18亿美元。投资者中包括了阿涅利家族和罗斯柴尔德家族。在过去的5个月里，百达展开了一系列收购活动，花费了了至少 15亿美元的资本。不久前，百达以现金加股票的方式买下了一家智利的投资经纪公司Celfin Capital，这笔交易暗示了百达的市值应该有148亿美元。上市之日看起来似乎是指日可待了。 | 
