By Jeffrey T. Lewis
SÃO PAULO--Itaúsa said Thursday it sold 3.1 million shares in Brazil-based, U.S.-traded online brokerage XP.
The Brazilian investment holding company said it received about 390 million reais, the equivalent of $79 million, for the shares. Following the sale, Itaúsa's stake in XP was reduced to 2.7% of total shares.
The sale continues Itaúsa's plan of divesting shares in non-strategic assets, the company said. The money will be used to boost its cash position.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
09-14-23 0830ET