On December 3, 2004, MCI announced it had reached an agreement to sell Proceda, its non-core IT outsourcing business in Brazil, to the company's management and private equity firm Votorantim Novos Negócios for $3 million cash and the assumption of approximately $10 million in debt. North Bay Equity Partners acted as financial advisor to MCI on this transaction.
MCI, Inc. is a leading global communications provider, delivering innovative, cost-effective, advanced communications connectivity to businesses, governments and consumers. With the industry's most expansive global IP backbone, based on the number of company-owned points of presence, and wholly-owned data networks, MCI develops the converged communications products and services that are the foundation for commerce and communications in today's market.
Proceda is a leading provider of information technology services in Brazil. Proceda delivers technology infrastructure, outsourcing, and applications services to Brazilian clients in the manufacturing, financial services, healthcare, communications, energy, consumer, and retail industries. Proceda's primary business lines are mainframe processing and e-Business services.
Votorantim Novos Negócios is the US$ 300 million private equity arm of the Votorantim Group, one of the largest industrial concerns in Brazil, with approximately US$5 billion in revenues. The Votorantim Group is one of the largest business concerns in Brazil and is a leader in its operating markets. In the industrial sector, the Group has a strong presence in the cement, pulp and paper, mining and metals, chemicals and orange juice industries. It also has a strong position in the electrical energy sector and the Brazilian financial sector.
   
 
 
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