Advent Sells Remaining Stake in Cetip

Global private equity firm Advent International agreed to sell its remaining 10% stake in Brazilian private asset clearinghouse Cetip for approximately $512m to IntercontinentalExchange (ICE). ICE will acquire 31.6m shares of Cetip common stock for BRL25.50 per common share, including 6.4m shares held or controlled by Brazilian bank Itau. The transaction will make ICE the largest shareholder in Cetip. The transaction consideration includes $302m from ICE’s cash on hand and $210m drawn from ICE’s existing revolving credit facilities. Advent had taken a 32% stake in the company in 2009, prior to its IPO in October of that year. Cetip generated BRL557m in revenues in 2010 and BRL376m in Ebitda. Goldman Sachs and Broadhaven Capital Partners advised ICE on the transaction.