Itaú Unibanco signed a contract to acquire control of Avenue, a brokerage firm that provides Brazilians with access to foreign markets, the bank said on Friday (8).
Itaú will initially pay R$493 million for 35% of Avenue, which includes a capital contribution of R$160 million and a secondary purchase of shares, the institution said in a material fact to the market.
Two years after the closing of the acquisition of the stake, Itaú will buy an additional stake of 15.1% for a value yet to be defined, and will now hold control with 50.1% of the brokerage firm.
Subsequently, the bank will still be able to exercise an option to purchase the remaining share held by Avenue’s shareholders.
Avenue owns a US digital securities brokerage and has more than 229,000 active customers and BRL 6.4 billion in custody, said Itaú.
Avenue’s management and conduct will remain autonomous in relation to Itaú, according to the bank.
The deal still needs regulatory approval.
Source: CNN Brasil
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