GIC acquires 25 percent stake in Brazil's Algar Telecom for R$1.0 billion (US$308.5 million)
Client(s) GIC Special Investments Pte. Ltd.
Jones Day advised GIC Special Investments Pte. Ltd. in its R$1.0 billion (US$308.5 million) acquisition of shares representing a 25 percent stake in Brazil's Algar Telecom, a provider of telecom services to corporate and retail customers that is present in 10 states and 337 cities in Brazil. The transaction is structured as (i) a subscription of new ordinary shares by GIC pursuant to a capital increase of at least R$352 million and (ii) a purchase by GIC of outstanding ordinary shares from Algar Telecom's controlling shareholder for R$648 million.