(Dow Jones) Talks between Brazilian home builder Gafisa SA and Blackstone Group, as well as the New York firm’s Brazilian partner, Patria Investimentos, over the sale of subsidiary Alphaville Urbanismo SA are advancing and a deal could be announced soon, said a person familiar with the negotiations.

Alphaville Urbanismo, which develops planned neighborhoods and operates in more than 20 Brazilian states, will likely be sold for some 2 billion Brazilian reais ($948 million). Read More at Dow Jones LBO Wire