Colombia’s Santo Domingo Group will form part of an international consortium to buy a $1.8 billion stake in Brazilian investment bank BTG Pactual, the Wall Street Journal reports.
The buyers include the sovereign wealth funds of China, Singapore and Abu Dhabi.
Pactual Chief Executive Andres Esteves said that the deal represented “a new financial order,” reports the Financial Times, “It’s the first big deal these guys have done here, in Brazil or in Latin America, and choosing us to be their window on Brazil is just great.”
The Santo Domingo Group is a conglomerate run by the Santo Domingo family, who hail from Barranquilla, northern Colombia. The group announced earlier Tuesday a donation of $5 million to victims of the country’s disastrous rainy season.