Viacao Garcia Reported Sold

Viacao Garcia, a Brazilian bus transportation company headquartered in Londrina, has sold itself for BRL400m, according to a report in Brazil’s Jornal de Londrina. The paper reports that Brazilian businessman Mario Luft Gaucho acquired the business and intends to invest BRL30m per year to modernize its fleet. The price includes the acquisition of two interstates, White Gold and Princess Ivai, and 37 garages, according to the report. It is the largest transportation provider in the state of Parana and the fifth largest in the country, with 2,700 employees and 500 vehicles. Luft is the chairman of Grupo Luft, but says he acquired Garcia himself alongside his investors, without involving Grupo Luft.