December 17, 2014 / 8:27 PM / 3 years ago

Tycoon Diniz buys 10 pct of Carrefour's Brazil unit - source

SAO PAULO, Dec 17 (Reuters) - Brazilian billionaire Abilio Diniz has agreed to buy a 10 percent stake in Carrefour SA’s Brazilian unit, a source with direct knowledge of the situation said on Wednesday.

Under terms of the deal, Diniz, whose Peninsula Participações holding company has been on an investment spree over the past 18 months, will pay between 500 million euros ($615 million) and 600 million euros ($738 million) for the stake, said the source, who requested anonymity because the talks are private.

The transaction does not include Carrefour’s Atacadão cash-and-carry unit, according to the source. The stake will give Diniz the right to appoint two members to the unit’s board of directors but no “management rights,” or the power to help manage the business, the source said. ($1 = 0.81 euros) (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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