Brazil Sporting Goods Retailer Raises $180 Million in Offer
(Bloomberg) -- Brazilian sporting goods retailer Centauro raised 900 million reais (about $180 million) in a share sale.
The firm, formally known as Grupo SBF SA, sold 30 million shares at 30 reais each, according to a regulatory filing.
The offer comes as Brazilian markets rebound from a massive sell-off that sent the benchmark stock index to the lowest level since 2017. The Ibovespa has climbed almost 20% in the past month, and Goldman Sachs boosted the price target for the index this week saying Brazilian equities offer the best bounceback opportunity if the rebound in global risk sentiment persists.
Proceeds will be used to finance ongoing and future acquisitions, according to the company. In early February, Nike sold its Brazilian operations to Centauro, which signed a partnership to become the exclusive distributor of the Beaverton, Oregon-based company's products in Brazil.
Banks running the deal were Banco Bradesco BBI, Banco Itau BBA, Banco Santander Brasil and Banco BTG Pactual.
Shares of Centauro were up 7.7% at 10:24 a.m. local time in Sao Paulo Friday, versus a 3.4% gain for the benchmark Ibovespa index.
©2020 Bloomberg L.P.
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