Odebrecht SA has sold a 57 percent stake in a Peruvian toll road project to Brookfield Asset Management Inc, as Latin America’s largest engineering firm sheds assets to cope with fallout from a sweeping corruption probe on its home turf.
In a statement, Salvador, Brazil-based Odebrecht said the transaction will allow it to keep a 25 percent in the Rutas de Lima project, which involves more than 70 miles (115 km) of roads in the Andean country. Odebrecht declined to disclose the value of the transaction.
Sources familiar with Odebrecht’s asset sale told Reuters this month that the Brazilian company sought to fetch about $500 million with the Rutas de Lima stake sale. Reuters reported on June 14 that Odebrecht could raise $4 billion from asset sales in Peru and Colombia, which include a stake in natural gas pipeline operator Gasoducto Sur Peruano.
Odebrecht, one of the companies targeted in the widest ever corruption probe in Brazil, is trying to sell assets and renegotiate about $10 billion in loans. Marcelo Odebrecht, the family scion and former chief executive officer of the namesake group, was sentenced to 19 years in jail for his role in the corruption scandal known as “Operation Car Wash.” (Reporting by Tatiana Bautzer; editing by Guillermo Parra-Bernal and Tom Brown)