{"id":94408,"date":"2025-06-02T11:27:53","date_gmt":"2025-06-02T14:27:53","guid":{"rendered":"https:\/\/murray.adv.br\/?p=94408"},"modified":"2025-06-02T11:27:53","modified_gmt":"2025-06-02T14:27:53","slug":"share-block-sales-hit-r15bn-nearing-record-in-brazil","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/","title":{"rendered":"Share block sales hit R$15bn, nearing record in Brazil"},"content":{"rendered":"
\n
\n
\n
Strategy emerges as main exit route for investors on B3 stock exchange<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
<\/div>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

06\/02\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

\n
\n
\n
\n

In Brazil\u2019s sluggish stock market, the sale of shares through block trades has become the main exit route for investors in listed companies. So far in 2025, these deals have totaled about R$15 billion, already approaching the record R$17.7 billion set in 2020.<\/p>\n<\/div>\n

\n
\n

The largest deal this year took place in January, when Rubens Ometto\u2019s Cosan sold part of its stake in mining giant Vale, moving R$9 billion\u2014the biggest block trade ever on the Brazil\u2019s B3 stock exchange. Investment firm P\u00e1tria sold a R$2.2 billion stake in gym chain Smartfit. Telecom operator Vivo held an auction of surplus shares worth R$1 billion. Canadian pension fund CPPIB offloaded R$700 million in GPS. Other transactions involved Carrefour, Clearsale, and Vitru Educa\u00e7\u00e3o, the latter just last week.<\/p>\n<\/div>\n

\n

Investment bankers say several shareholders are considering selling stakes through blocks, likely as more companies gain value on the exchange. Because these are fast-moving transactions, companies can launch an offer without prior notice, avoiding market volatility. A decision to sell can be made in one day, with banks quoting the deal\u2014and execution happens at the opening of the next trading session, minimizing exposure to market swings.<\/p>\n<\/div>\n

\n

Bruno Saraiva, co-head of investment banking at Bank of America (BofA) in Brazil, noted that a recent regulatory change now allows larger block sales without the previously required 48-hour notice, which had previously made many deals unfeasible. In a block trade, a bank offers a firm price for the shares, so the seller knows upfront how much they will receive. But when exposure to the market lasted longer, high risk often dampened banks\u2019 appetite to structure such deals.<\/p>\n<\/div>\n

\n

\u201cIt was a regulatory advance in Brazil. It created more flexibility,\u201d Mr. Saraiva said. Under Brazilian law, block sales can only involve secondary tranches\u2014that is, shares held by existing shareholders\u2014because the law grants current shareholders preemptive rights, a structure only possible through a public offering.<\/p>\n<\/div>\n

\n

Thus, companies that need to raise cash must turn to follow-on offerings.<\/p>\n<\/div>\n

\n

Given this year\u2019s tough and volatile market, the trend is for stake sales through exchange auctions. \u201cWe should see more block trades than other types of transactions,\u201d Mr. Saraiva said.<\/p>\n<\/div>\n

\n

With this momentum, volumes are expected to keep growing. F\u00e1bio Federici, head of equities at Goldman Sachs in Brazil, sees potential for a record year in 2025 as block trades increasingly become the preferred tool for monetizing investments. Beyond private equity firms\u2019 portfolio sales, which can be auctioned on the exchange, he said controlling shareholders might also sell surplus stakes that do not jeopardize control. Other potential block sellers include funds that bought shares when the market was down, or even credit funds or banks that saw debts converted into shares.<\/p>\n<\/div>\n

\n

\u201cThese are positions that easily surpass R$50 billion,\u201d Mr. Federici said. \u201cThere\u2019s a lot of pent-up deal flow,\u201d he added, emphasizing that block sales are the most suited to the current market. \u201cThis type of operation is more adaptable,\u201d he stressed.<\/p>\n<\/div>\n

\n

More deals<\/strong><\/p>\n<\/div>\n

\n

Leonard Linnet, head of equities at Ita\u00fa BBA, said more deals are likely as stocks appreciate, a movement that has begun with the Ibovespa stock index\u2019s current levels, reflecting the inflow of foreign capital. \u201cIt\u2019s already starting to make sense for us to push some transactions,\u201d he said.<\/p>\n<\/div>\n

\n

Mr. Linnet pointed out that despite the benefits, block sales are not suitable for all companies, being more recommended for highly liquid stocks. In other cases, when a company needs to meet investors through management roadshows, a follow-on offering may be more appropriate.<\/p>\n<\/div>\n

\n

Fabio Nazari, head of equities at BTG Pactual, added that follow-ons are also the path for companies seeking to raise funds and improve the quality of their shareholder base, as public offerings involve building an order book. He noted that the flow of foreign investors arriving in Brazil after \u201cLiberation Day,\u201d when U.S. President Donald Trump announced tariffs, has driven up many stock prices, creating room to unlock not only block trades but also follow-ons. \u201cDeals are starting to move forward,\u201d Mr. Nazari said.<\/p>\n<\/div>\n

\n

Contacted for comment, Vitru said that \u201cthe sale of shares is a routine procedure, common in the capital markets. Vitru\u2019s governance remains unchanged by this move.\u201d The other companies did not comment.<\/p>\n<\/div>\n

\n
\n

*By\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Strategy emerges as main exit route for investors on B3 stock exchange         06\/02\/2025\u00a0 In Brazil\u2019s sluggish stock market, the sale of shares through block trades has become the main exit route for investors in listed companies. So far in 2025, these deals have totaled about R$15 billion, already approaching the record […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26144,26143],"class_list":["post-94408","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-route-for-investors","tag-share-block-sales-hit-r15bn"],"yoast_head":"\nShare block sales hit R$15bn, nearing record in Brazil - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Share block sales hit R$15bn, nearing record in Brazil - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Strategy emerges as main exit route for investors on B3 stock exchange         06\/02\/2025\u00a0 In Brazil\u2019s sluggish stock market, the sale of shares through block trades has become the main exit route for investors in listed companies. So far in 2025, these deals have totaled about R$15 billion, already approaching the record […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-02T14:27:53+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Share block sales hit R$15bn, nearing record in Brazil\",\"datePublished\":\"2025-06-02T14:27:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\"},\"wordCount\":749,\"keywords\":[\"route for investors\",\"Share block sales hit R$15bn\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\",\"url\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\",\"name\":\"Share block sales hit R$15bn, nearing record in Brazil - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-06-02T14:27:53+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Share block sales hit R$15bn, nearing record in Brazil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Share block sales hit R$15bn, nearing record in Brazil - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/","og_locale":"en_US","og_type":"article","og_title":"Share block sales hit R$15bn, nearing record in Brazil - Murray Advogados","og_description":"Strategy emerges as main exit route for investors on B3 stock exchange         06\/02\/2025\u00a0 In Brazil\u2019s sluggish stock market, the sale of shares through block trades has become the main exit route for investors in listed companies. So far in 2025, these deals have totaled about R$15 billion, already approaching the record […]","og_url":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/","og_site_name":"Murray Advogados","article_published_time":"2025-06-02T14:27:53+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Share block sales hit R$15bn, nearing record in Brazil","datePublished":"2025-06-02T14:27:53+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/"},"wordCount":749,"keywords":["route for investors","Share block sales hit R$15bn"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/","url":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/","name":"Share block sales hit R$15bn, nearing record in Brazil - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2025-06-02T14:27:53+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/share-block-sales-hit-r15bn-nearing-record-in-brazil\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Share block sales hit R$15bn, nearing record in Brazil"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=94408"}],"version-history":[{"count":2,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94408\/revisions"}],"predecessor-version":[{"id":94410,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94408\/revisions\/94410"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=94408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=94408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=94408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}