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Brazilian internet provider Vero looks for strategic alternatives

Brazilian internet provider Vero, controlled by investment firm Vinci Partners Investments, confirmed on Thursday in a securities filing it had hired investment bank Itau BBA to consider strategic alternatives.

Vero had to cancel its initial public offering (IPO) in January. Following a report by Brazilian newspaper O Estado de S. Paulo saying Vinci was discussing a potential stake sale to Fibrasil, owned by telecom company Telefonica SA TEF.MC, its subsidiary Telefonica Brasil VIVT3.SA and Canadian pension fund CDPQ, Vero said the company was in talks with “several investors about potential strategic transactions”, but shareholders have not yet decided on a specific deal.

O Estado de S.Paulo report said Vero would be valued at around 4 billion reais ($733 million). Nasdaq

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