Blackstone and Patria agreed to pursue the IPO to allow the U.S. firm to trim its stake after Brazilian founders refused an offer to sell control.
SAO PAULO: Brazilian asset manager Patria Investments Ltd, whose shareholders include Blackstone Group Inc, plans to use the proceeds of its US$588 million initial public offering partly to expand in new emerging markets, executives said on Friday.
Patria raised $326 million in the IPO and shareholders selling stakes will receive $262 million. Blackstone, which acquired a 40% stake in Patria ten years ago, will reduce its stake to 14%.
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