Sonda Advances Follow-on

Chile’s Sonda is preparing a roadshow for an equity follow-on, according to sources familiar with the process. The information technology firm, which was approved for a CLP150bn ($317m) equity capital raise in August, is hoping to execute by the end of the year. It plans to first visit investors in LatAm, North America and Europe, in a process managed by BTG Pactual and Goldman Sachs. The proceeds will help fund a $700m 2013-2015 expansion plan. About $200m of the plan is to be organic, and $500m should come through acquisitions. It is targeting growth outside Chile, specifically in Brazil Mexico and Colombia. The company would use equity to fund about 40% of the plan, with 40% coming from cash and the remainder from debt. Sonda has been a consistent acquirer in the region, most recently taking Brazil’s Euclid for $73m in May and Chilean rival Quintec last year for $61m. It has a presence in Chile, Brazil, Argentina, Colombia, Costa Rica, Ecuador, Mexico and Uruguay. Sonda shares closed at CLP1,463.70 Friday.