Fosun, a wholly-owned subsidiary of Fosun, agreed with Banco Indusval to purchase a 70% stake in Guide Investimentos – Corretora de Valores for 290 million reais (US$53 million), the Brazilian bank said in a statement released in São Paulo.
The statement added that Banco Indusval will keep a minority stake of 20% in the brokerage company, and the final stake to be acquired by the Fosun group will vary according to certain terms and conditions set out in the purchase and sale agreement.
The statement by Banco Indusval gave no details, but the Brazilian press reported that the remaining 10% of the share capital of the brokerage firm will remain in the hands of some of the company’s partners.
Fosun Investimentos (Brazil) will pay 170 million reais in cash until the date the deal is concluded, with the remaining US$120 million depending on Guia Investimentos’ future performance.
This requires approval from the Central Bank of Brazil and should be completed by next June, according to the statement issued by Banco Indusval. (macauhub)