Brookfield Asset's (TSX: BAM.A) Brazilian subsidiary files for IPO

Canada's Brookfield Asset Management's sanitation subsidiary in Brazil, BRK Ambiental, has filed for an IPO to finance its expansion, according to a preliminary prospectus filed with securities regulator CVM.

Brookfield has a 70 per cent stake in the company, which was acquired from Brazilian conglomerate Novonor, formerly known as Odebrecht.

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The primary share offering will be managed by the investment banking units of Banco BTG Pactual SA, Itau Unibanco Holding SA, Caixa Economica Federal, Banco Santander Brasil SA, Banco Bradesco SA and Citigroup.

The company could raise up to 3 billion reais ($623 million) in the offering, sources told Reuters when the company began considering the offering last year.

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($1 = 4.8151 reais)