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Gafisa Sells Unit to Blackstone and Partner

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Brazilian construction firm Gafisa (NYSE: GFA  ) is not only selling houses these days. The company has signed an agreement to sell a 70% stake in residential community developer Alphaville Urbanismo to funds managed by Blackstone (NYSE: BX  ) and the American company's Brazilian partner firm Patria Investimentos.

According to a joint press release put out by Gafisa and Blackstone heralding the news, Gafisa will take in gross proceeds of 1.4 billion reals ($655 million) on the sale. The new majority owners plan to retain Alphaville's current management team.

The deal, which is subject to regulatory approval from the relevant entities, is expected to close toward the end of Q3.


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Eric Volkman
TMFVolkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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