Canadian fund CPPIB buys stake in sanitation company Iguá
The Canadian pension fund Canada Pension Plan Investment Board (CPPIB) has confirmed its entry into the Brazilian basic sanitation market and is already planning to expand into at least three other infrastructure segments in the country: electricity, telecommunications and highways.
The group announced Monday the acquisition of a 45% stake in Iguá Saneamento, with a total investment of R$1.18 billion. A portion of the money, R$664 million, will be paid to minority shareholders who want to leave the business - the Cyan fund and Bradesco. The company's management remains under the command of IG4 Capital, asset manager owned by Paulo Mattos.
The operation is just a first step for CPPIB in the water and sewage segment, says Rodolfo Spielmann, head of the pension fund in Latin America. "The new legal framework for sanitation [sanctioned in July 2020] helped to provide the conditions that we needed to invest in the sector. This is not the end point of the investment, Iguá will be a platform for us to continue investing in different privatization opportunities. There is a lot of growth potential," says Mr. Spielmann.
One of the company's targets is the auction of the State Water and Sewage Company of Rio de Janeiro (Cedae), initially scheduled for April 30th. However, he estimates that the opportunities will be diverse over the next few years. "We are going to look at all the larger projects. [The limitation] will not be due to lack of capital. If the project presents profitability, if it is attractive, we will participate," he says.
The acquisition of Iguá's stake, which had been negotiated since the...
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