IMG launches Brazilian joint venture 10/11/2010 |
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IMG Worldwide and Brazilian investment company EBX Group have formed a joint venture to invest in sports and entertainment businesses in Brazil.
Brazilian billionaire Eike Batista – whose mining, logistics and energy companies end with the letter ‘X’ for the multiplication of wealth – and Ted Forstmann, IMG’s chief executive, announced that the new company will be called IMGX.
“Together we can take advantage of the great opportunities Brazil will have in the sports and entertainment arenas, especially considering the 2014 World Cup and the 2016 Olympic and Paralympics Games,” Batista said.
Batista is looking to benefit from Brazil’s plan to invest more than $560bn in urban transport, sewage, stadiums, electricity and water distribution between 2011 and 2014 as it prepares to host the world’s two biggest sporting events.
Batista is investing $15bn in natural resources and infrastructure in Brazil, Chile and Colombia, through his five companies listed in Brazil.
“Eike’s focus on the infrastructure sectors, technology and natural resources has made an enormous contribution to his country, as Brazil advances to become the fifth largest economy in the world by 2015,” Forstmann added.
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