SAO PAULO • Government of Singapore Investment Corp (GIC), manager of more than US$100 billion (RM310.5 billion) of the city’s reserves, is close to a deal to buy a 20% stake in BR Towers SA, the Brazilian operator of cellular towers, two people with direct knowledge of the transaction said.
Singapore’s sovereign wealth fund is making the investment to profit from Brazil’s increased spending on infrastructure, according to one of the people. GIC’s Twickenham Investment Pte Ltd unit is handling the acquisition, the person said.
Private-equity firm GP Investments Ltd created Sao Paulo-based BR Towers after it agreed in September to buy about 2,000 telecommunications towers in Brazil for 503 million reais (RM801 million). Last month, Sitesharing Brasil SA agreed to purchase a 15% stake in BR Towers for an undisclosed amount.
Cade, Brazil’s antitrust regulator, said last Friday it approved a transaction involving BR Towers and Twickenham without giving details of the deal.