Patria Investments Limited [NASDAQ: PAX] disclosed that it has decided to divest Centro de Imagem Diagnosticos S.A. (Alliar). The full divestment of Alliar will occur through a private sale. The divestment of Alliar demonstrates an important step towards executing the divestment process of Private Equity Fund III.
Since its inception in 2011 Alliar has gained recognition as one of the largest players in the medical diagnostics industry in Brazil. Moreover, the firm is dedicated mostly to image-based diagnostics. Alliar seeks to continue its national development plan primarily through purchases and collaboration with renowned doctors.
Patria Investments Limited [NASDAQ: PAX] shares skyrocketed 6.51% as it gained +1.00 during the trading session of Thursday. Patria Investments Limited’s share price went from a low point around $13.40 to briefly over $23.28 in the past 52 weeks, though shares have since pulled back to $16.35. PAX’s market cap has remained high, reaching $2.23 billion at the time of writing.
Furthermore, the deal includes the sale of 25,012,323 common shares of the firm. It is related to the total interest in the firm owned by Patria’s Private Equity Fund III and its related vehicles. It is dependent on the termination of the Shareholders’ Agreement as well as on the antitrust agency authorization. Additionally, it also includes other terms usual to such type of transaction.