Gafisa signs acquisition of Bait at Cade

THE Gafisa (GFSA3) announced that the acquisition of bait will be filed in Administrative Council for the Defense of Competition (Cade)one of the conditions precedent for the conclusion of the transaction.

Bait operates in the luxury and high luxury carioca market, focusing on the South Zone of Rio de Janeiro.

According to Gafisa, the completion of the acquisition will mark not only the company’s return to the “relevant Rio market”, but will also be an important step towards its repositioning in the luxury and very high luxury segment.

With the completion of the transaction, Henrique Blecher, currently CEO of Bait, will also join Gafisa’s board of directors.

The transaction will involve a combination of real estate assets and a cash component, part of which will be subject to certain future events as a necessary condition for the disbursement of more funds.

Source: Money Times