China's Fosun buys Brazilian brokerage
China's Fosun group has acquired a 70% stake in Brazilian brokerage firm Guide Investimentos from small-sized bank Banco Indusval for up to 290mn reais (US$90mn), the latter said in a disclosure.
Fosun will pay in three installments to be completed after 2019 and the exact final amount will depend on the performance of Guide Investimentos. Under the deal, the group can acquire an additional 10% of Guide, reducing Banco Indusval's stake to 20%.
"Guide will maintain its goal of maximizing growth of all activities in the segments of wealth management, digital platform, investment brokerage for individual clients and institutional clients, financial planning and insurance sales through its subsidiary Guide Life," Banco Indusval said.
The deal underscores the appetite of Asian investors for Brazilian assets. In recent years, Chinese companies have acquired firms and projects in various sectors in Brazil due to the Asian country's interest in commodities.
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