Home Business UAE fund Mubadala in talks for Brazilian Odebrecht-run rail operator Supervia

UAE fund Mubadala in talks for Brazilian Odebrecht-run rail operator Supervia

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The sale is part of Brazilian conglomerate Odebrecht’s divestitures of assets to repay debt.

United Arab Emirates’ sovereign wealth fund Mubadala Development Co is keen to acquire a majority stake in Brazilian suburban rail operator Supervia, controlled by conglomerate Odebrecht SA, three sources with knowledge of the matter said.

The sale is part of Brazilian conglomerate Odebrecht’s divestitures of assets to repay debt in the wake of Brazil’s widest-ever corruption scandal.

According to one of the sources, who asked for anonymity because the person was not authorized to speak publicly on the matter, binding proposals have not yet been delivered.

Two of the sources said Mubadala was working on a joint bid with French infrastructure company Vinci SA. One of the sources said there was a second group interested in the company, an infrastructure fund.

Odebrecht acquired 60 percent of commuter rail company Supervia in 2011. The company operates urban trains in 12 cities in the state of Rio de Janeiro and transports around 750,000 people daily.

Banco BTG Pactual SA is advising Odebrecht, two sources said. Odebrecht, BTG and Mubadala declined to comment. Vinci did not immediately respond to requests for comment.