Global private equity firm Advent International has agreed to sell its remaining 10% stake in Brazilian securities clearinghouse Cetip to IntercontinentalExchange (NYSE: ICE), Advent said in a press release.
ICE will purchase a total 12.4% of Cetip's shares from Advent and other shareholders.
ICE, a global operator of regulated futures exchanges, clearinghouses and over-the-counter markets, will acquire 31.6mn shares of Cetip common stock for approximately US$512mn in cash.
The transaction was expected to close on Friday, July 15, making ICE the largest shareholder in Cetip.
The sale to ICE completes Advent's exit from Cetip, in which it purchased a 32% stake in 2009. Advent sold a portion of its holdings in the company's IPO later that same year and sold additional shares in a block trade in January 2011.
Cetip, Latin America's largest depositary of private fixed-income securities and Brazil's biggest private asset clearinghouse, offers registration, custody, trading and settlement services to 15,648 customers, including banks, brokerage houses, securities dealers, leasing companies, insurance companies, investment funds and pension funds.