Banco Pan S.A. (BOVESPA:BPAN4) agreed to acquire Mosaico Tecnologia ao Consumidor S.A. (BOVESPA:MOSI3) for BRL 1.7 billion on October 3, 2021. Under the terms Banco Pan S.A. is offering 0.8 Banco Pan share for each Mosaico share held, which would give the target company's shareholders a stake of 7.8% in Banco Pan S.A.. In addition, Mosaico's equity owners will each receive a subscription bonus of 0.166 Banco Pan share, on condition that buyer's stock maintains its value above BRL 24 for three consecutive trading sessions within 30 months of completion. The transaction requires the approval of both sets of shareholders. It also hinges on clearances from Brazil's competition authority CADE and the Central Bank of Brazil. As on December 1, 2021, Banco Pan SA and Mosaico Tecnologia ao Consumidor SA approved the transaction.

Morgan Stanley acted as advisor to Mosaico Tecnologia ao Consumidor S.A. Pedro Whitaker de Souza Dias, Daniel Calhman de Miranda, Pablo Sorj, Flavio Mifano of Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados acted as legal advisor to Mosaico Tecnologia ao Consumidor in the deal. Arthur Bardawil Penteado, Renato Maggio, Diana Pacifico Henne, Fernando Tonanni, Maria Eugenia Novis, Ana Batia Glenk Ferreira, Eduardo Boldrin Camara, Laura Ducati Dabronzo, Rafael Costa Silva, Victor Goulart Lazarini and Clarissa Figueiredo de Souza Freitas Machado, Meyer, Sendacz e Opice acted as legal advisor Banco Pan.