BTG Pactual, Brazil's Patria to Sue SunEdison on Deal
Brazil's Grupo BTG Pactual SA and Patria Investimentos Ltda will take U.S. energy company SunEdison Inc to court over a power company sale that fell through, Valor Econômico newspaper said on Thursday.
Without naming sources, Valor said BTG Pactual and Patria, a private equity firm, were seeking $150 million as compensation for investments they made to ready Latin American Power for sale to SunEdison, which both sides of the deal valued at $733 million last year.
After SunEdison lost 70 percent of its value due to financial losses and failing confidence in its $2.2 billion purchase of a solar energy company, management said in October that it would pull out of the deal with the BTG Pactual-Patria consortium, Valor said.
The report said BTG and Patria managed to get a U.S. court to restrict SunEdison from liquidating any of its assets at below market value, which remains in force until today.
BTG Pactual, Patria and SunEdison did not immediately respond to requests for comment.
(Reporting by Reese Ewing)
