(Bloomberg) Grupo BTG Pactual is spinning off its commodity-trading unit and renaming the division Engelhart Commodities Partners in a deal valuing the business at about $1.6 billion.
BTG shareholders may be eligible to receive equity in the new entity or take their stake in the form of additional shares in the bank, the company said in a statement Friday. The Brazilian bank is considering a plan that would provide to BTG investors about 65 percent of its stake in Engelhart, which will have $5.7 billion in assets. Senior employees would hold “a portion” of the Luxembourg-based unit’s equity under an incentive program, the company said.
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