Banco Santander S.A. completed the acquisition of Toro Participações S.A. for approximately BRL 430 million.
January 02, 2024
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Banco Santander (Brasil) S.A. (BOVESPA:SANB4) entered into contract to acquire Toro Participações S.A. on June 7, 2023. The conclusion of the Transaction will be subject to the fulfillment of certain suspensive conditions usual in similar transactions, including obtaining the relevant regulatory authorizations.
Banco Santander (Brasil) S.A. (BOVESPA:SANB4) completed the acquisition of Toro Participações S.A. for approximately BRL 430 million on January 3, 2024. The acquisition occurred through the acquisition, by Santander, of 14,717,658 common, registered shares with no par value issued by the Company with payment under the following conditions: on the Closing date, in the amount of BRL 291.529 million and BRL 140.210 million to be paid by 01/31/2026, updated by CDI and after confirming the achievement of certain performance indicators stipulated in the Purchase and Sale Agreement, which will be measured on 12/31/2025. After the conditions precedent established in the agreement were fulfilled, the transaction closed on January 3, 2024.
Banco Santander Brasil SA is a Brazil-based bank. The Bank operates through two segments: Retail and Wholesale. The Retail segment provides financial services to individuals, as well as to small and medium-sized enterprises. The Wholesale segment focuses on large corporations and capital markets. Together with its subsidiaries, the Bank offers a range of financial services, including consumer, commercial and investment banking services, lending and financing, mortgage lending, leasing, credit card operations and foreign exchange. The Bank is also engaged in the asset management, capitalization, securities brokerage, insurance brokerage and pension plans operations. The Company has a number of subsidiaries, such as Santander Corretora de Cambio e Valores Mobiliarios SA, Banco Bandepe SA and Sancap Investimentos e Participacoes SA, among others.