Deals
BTG Pactual Said to Plan $1.6 Billion Commodities Arm Spinoff
- Unit will be known as Englehart Commodities Partners
- Separation follows arrest of BTG founder Esteves in November
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Grupo BTG Pactual is spinning off its commodity-trading unit and renaming the division Engelhart Commodities Partners in a deal valuing the business at about $1.6 billion, according to a person familiar with the matter.
The bank is planning to announce the deal today, said the person, who asked not to be identified because the information isn’t public. BTG has been considering plans to grant equity in the unit to top managers and traders, two people with knowledge of the situation said in February.