Invercap sold its stake in Novacero to Chile’s CAP for $20 million, according to a CAP’s filing at the nation’s securities exchange commission, SVS.
Novacero currently controls 50.93 percent of Chilean steel distributor Cintac. CAP is a major Chilean miner and steelmaker, which owns steel producer CAP Acero.
According to CAP, the deal should be completed “in the next few days.”
CAP said that due to the acquisition of Invercap’s stake in Novacero, CAP’s assets will increase by $27 million.