JPMorgan Said to Be Close to Selling Brazil Private-Equity Unit

Cristiane Lucchesi, Bloomberg Business, 8/14/2015

JPMorgan Chase & Co. expects to sign a final deal by the end of next month to sell its Brazil private-equity and hedge-fund company, Gavea Investimentos Ltda., back to the firm’s founding partners, two people with direct knowledge of the matter said.

An electronic display board is seen at Brazil's BM&FBovespa stock exchange in Sao Paulo . Nacho Doce/Reuters

An electronic display board is seen at Brazil’s BM&FBovespa stock exchange in Sao Paulo . Nacho Doce/Reuters

Former central bank President Arminio Fraga and other Gavea partners, who already own 22.5 percent of the Rio de Janeiro-based firm, are negotiating final terms for the rest, according to the people, who asked not to be identified because the talks are private. They didn’t disclose terms of the deal.

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