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Brazil's Itaú acquires 49.9 percent in XP Investimentos for $2 billion
May 12, 2017 / 1:38 AM / 4 months ago

Brazil's Itaú acquires 49.9 percent in XP Investimentos for $2 billion

SAO PAULO, May 11 (Reuters) - Itaú Unibanco Holding SA , Brazil’s largest bank, has agreed to acquire a 49.9 percent stake in Broker XP Investimentos SA for 6.3 billion reais ($2 billion), the bank said in a securities filing late on Thursday.

Itaú has agreed to pay 5.7 billion reais to shareholders General Atlantic LLC and Dyna III fund for part of their stakes. Additionally, Itaú will inject 600 million reais into the broker. According to provisions in the agreement, Itaú will acquire additional stakes in 2020 and 2022, to reach 74.9 percent of XP’s capital.

$1 = 3.1399 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler

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