Localiza, Unidas close to assets sale to win merger approval -report

Industry:    

Brazilian rental car firms Localiza and Unidas, formally known as Companhia de Locacao das Americas, are close to selling assets to win approval from antitrust watchdog Cade for their merger, newspaper O Estado de S. Paulo reported on Wednesday.

The assets could fetch around 4 billion reais ($791 million) and the sale is being managed by the investment banking arm of Bank of America, the newspaper reported, citing people with knowledge of the matter.

Among the companies interested are rental car companies Ouro Verde, Turbi and private equity firm Advent International, the paper said.

Localiza, Unidas, and Bank of America did not immediately respond to requests for comment.

Ouro Verde, Turbi and Advent declined to comment.

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