Itaú Unibanco Holding S.A. (NYSE: ITUB) revealed that it has inked an agreement with Ideal Holding Financeira S.A. and its units for the acquisition of up to 100% of Ideal´s capital stock. Itau Unibanco confirmed that they have informed all the stakeholders and the general market about its decision to acquire Ideal.
Ideal has earned a reputation as a fully digital broker that presently provides electronic trading and DMA (direct market access) solutions, on a flexible and cloud-based platform. Ideal has secured its operating license in 2019. It was established by executives highly skilled in the securities intermediation segment. Presently, it has earned recognition as a prominent broker in traded volume on B3.
Two Phases of Acquisition
ITUB revealed that the acquisition will be taken place in two phases over five years. In the first phase, Itaú Unibanco will buy 50.1% of Ideal´s voting capital, through a primary capital contribution and a secondary purchase of shares totaling nearly R$650 million, then becoming the right holder of the company’s control. In the second phase, five years on, Itaú Unibanco will have the power to buy the remaining share (49.9%) of Ideal´s capital stock.
As per the stockholders’ agreement, the management of Ideal’s business will remain independent from Itaú Unibanco. Against this background, Ideal will continue to offer services to its clients and Itaú Unibanco will not be its sole service customer.
Strategic Rationale
This purchase strengthens Itaú Unibanco’s investment ecosystem. Furthermore, it will facilitate the availability of Ideal’s professionals’ talent and expertise, which are known for their high entrepreneurial spirit in this industry. This deal also offers financial products and services through a white-label platform under a B2B2C model and also grows the emphasis of investment products to individual clients.