Carrefour a Potential Buyout, EU37 Exit Price: Espirito Santo
Majority shareholder Colony Capital (20% voting rights) may eventually proceed with a Brazil IPO, it would be difficult sell Carrefour outright given current size, Espirito Santo analyst Ric Thakrar says. Espirito Santo sees scenario where Brazil IPO would generate EU12-shr in value, resulting Carrefour stub could be bought by private equity at EU25-shr, generate 20% IRR With capex guidance conservative, Brazil IPO may eventually make potential stub manageable, interesting buyout target as Colony starts its 7th year in 7-10 yr planned investment in Carrefour: Espirito Santo Rates buy, FV raised to EU30 vs EU25 Oct. 24: Carrefour Hires Itau BBA, CS for Brazil IPO: Exame