Portuguese highway operator Brisa Participaçoes e Empreendimentos (BPE) has sold its remaining 6.91% stake in Brazilian tollroad operator CCR (Bovespa: CCRO3) for 1.31bn reais (US$777mn).
The transaction involved selling 30.5mn shares for 43 reais apiece, up from its original offer of 41 reais. The operation was handled by Brazilian bank Santander Brasil (NYSE: BSBR), news service Agencia Estado reported.
The sale is the final step in Brisa's plan to leave the Brazilian market to cut company debt and raise funds to support business growth. The company sold 16.4%, 6% and 3.42% stakes in CCR in June, September and October respectively.
Brisa, which owned around a third of CCR stock at the beginning of 2010, became a shareholder in 2001.
CCR is Brazil's largest tollroad operator in terms of revenue. The firm currently operates seven highway concessions, managing 1,484km of highways.