Business
Brazil's Fleury, Porto end talks to create new firm with Oncoclinicas, reports O Globo
Brazil's Fleury, Porto end talks to create new firm with Oncoclinicas, reports O Globo
About this update from Fleury Sa
Brazilian firms Fleury and Porto have withdrawn from negotiations with local healthcare firm Oncoclinicas regarding the potential creation of a new company, local newspaper O Globo said on Monday, citing sources.The three firms had entered a non-binding term sheet last month, which established a 30-day exclusivity period to negotiate a definitive agreement.Under the discussed deal, Oncoclinicas would have contributed its oncology clinics and debt totaling up to 2.5 billion reais ($500.44 million).Fleury and Porto would have jointly invested 500 million reais in the new firm through a holding company.None of the firms immediately replied to requests for comment.($1 = 4.9956 reais)