By Rogerio Jelmayer

SAO PAULO--Brazilian petrochemical producer, Braskem SA, agreed to sell its chemical distributor quantiQ Distribuidora Ltda for 550 million reais ($172 million) to GTM Holdings SA, which is controlled by private equity company Advent International.

BRL450 million will be paid at the end of the sale, with the remainderbe disbursed up to 12 months afterward, said GTM, which will obtain equity financing from Advent for the acquisition.

The deal still needs be approved by Brazilian antitrust authorities. It will follow GTM's recent purchases of High Chem Specialties in Mexico and Peruquimicos S.A.C. in Peru. With quantiQ's acquisition, GTM will operate 62 distribution centers across 12 countries in Latin America.

Braskem, which is jointly controlled by Brazil's construction conglomerate Odebrecht SA and state-run oil company Petroleo Brasileiro SA, or Petrobras, said the sale of quantiQ was part of its strategy to strengthen its petrochemical operation.

In December, Braskem signed a lenience agreement over corruption charges with the U.S. Securities and Exchange Commission, the U.S. Department of Justice and authorities in Brazil and Switzerland, accepting fines totaling around $957 million.

-Write to Rogerio Jelmayer at Dow Jones Newswires

January 11, 2017 05:05 ET (10:05 GMT)

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