Carlyle Acquires Controlling Stake in Tempo Participações
November 11, 2015
The Carlyle Group has acquired a 51% stake, or 82.1 million shares, in Tempo Participações (BVMF: TEMP3) for a total consideration of R$318 million (US$84 million). The firm intends to delist Tempo through a delisting tender offer, which is subject to approval by Brazil’s Securities and Exchange Commission and by stock exchange BM&FBovespa. Founded in 1994, Tempo is an independent provider of auto, home and personal assistance services to the insurance, automaker and affinity segments in Brazil. Equity for the transaction came from Carlyle’s South America Buyout Fund and Fundo Brasil de Internacionalização de Empresas II, a fund advised by both Carlyle and Banco do Brasil.