Brazil's Unidas, Localiza to sell $715 million in assets to Brookfield

FILE PHOTO: People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. REUTERS/Mark Blinch/File Photo

SAO PAULO (Reuters) – Brazilian rental car companies Unidas and Localiza have agreed to sell rent-a-car and used vehicle assets to funds managed by Canada’s Brookfield Asset Management Inc as part of their tie-up deal, they said on Monday.

The transaction, which was valued at 3.57 billion reais ($715.6 million), includes about 49,000 vehicles and was required in order for the deal between Unidas and Localiza Rent a Car SA to go forward.

Brookfield Asset Management controls rental car company Ouro Verde in Brazil.

The firms had announced earlier this month they were in talks relating to the transaction.

Brazil’s antitrust regulator approved the tie-up between Localiza and Unidas – formally known as Companhia de Locacao das Americas – late in 2021, but demanded the companies divest assets including the Unidas brand to avoid dominating the market.

($1 = 4.9888 reais)

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