SAO PAULO (AP) -- A Brazilian industrial conglomerate says it has outsourced its information technology operations to IBM Corp. for $1 billion, which will be paid over 10 years.

The EBX Group is owned by Eike Batista, Brazil's wealthiest man. Its subsidiaries include a mining company, an oil and gas provider and the technology provider SIX Automacao.

As part of the agreement, IBM will acquire a 20 percent stake in SIX Automacao.

The statement quotes Batista as saying the agreement with IBM "offers EBX Group a broad portfolio of modern IT solutions. IBM, in turn, will expand its presence in one of the most promising markets in the world."