Queiroz Preps Oil Services Spinoff

Brazil’s Queiroz Galvao is said to have made preliminary filings for an IPO of its Queiroz Galvao Oleo e Gas oil services business, according to ECM participants following the process. An official filing has not yet been made. It is estimated that a transaction should come this year, at possibly more than $1bn. Bank of America Merrill Lynch, JPMorgan and Itau are heard named lead managers. The group’s exploration and production unit, Queiroz Galvao Exploracao e Producao, made its public equity debut in February 2011, raising BRL1.52bn.