Japan’s Sumitomo Corporation has jumped on board Odebrecht Ambiental (OA), joining Brookfield in the acquisition of 70% of OA. Sumitomo’s share will be 14% for $250 million. The other 30% stake is owned by Brazilian worker compensation and retirement fund FGTS. It’s not clear whether FGTS will also sell its stake to Brookfield. Brookfield will retain the company’s Sâo Paulo base.
Twenty-six water supply and sewage treatment facilities and four industrial water treatment plants operated by OA are passing to BRK Ambiental, the new brand name OA is adopting under Brookfield.
Brookfield agreed to buy 70% of OA for $768 million last year, the largest divestment in the Brazilian water sector.