Material Fact - Acquisition of an equity interest in the capital of XP Inc.

Rhea-AI Summary

Itaú Unibanco has acquired an 11.36% equity stake in XP Inc. for approximately R$ 8 billion. This acquisition follows the previous announcement made on May 11, 2017, and received all necessary approvals. The company clarifies that this transaction will not alter the corporate governance of XP Inc. and is not expected to significantly impact Itaú Unibanco's fiscal year results. This strategic investment reflects Itaú Unibanco's commitment to expanding its market presence.

Positive

• Acquisition of 11.36% stake in XP Inc., enhancing market presence.
• Financing the acquisition with approximately R$ 8 billion indicates strong liquidity.

Negative

• Transaction will not affect corporate governance of XP Inc., limiting influence.
• No expected significant impact on current fiscal results may raise concerns about short-term benefits.

SÃO PAULO, April 29, 2022 /PRNewswire/ -- In accordance with paragraph 4 of Article 157 of Law No. 6,404/1976 and CVM Resolution No. 44/21, Itaú Unibanco Holding S.A ("Itaú Unibanco" or "Company") informs its stockholders and the general market that, in line with the Material Fact disclosed on May 11, 2017 and in accordance with the Announcement to the Market disclosed on November 08, 2021, after obtaining the required approvals, it acquired, as of today, for approximately R$ 8 billion, an equity interest of 11.36% in the total capital of XP Inc., a company incorporated in the Cayman Islands and listed on Nasdaq, as provided for in the Stock Purchase Agreement and Other Covenants, entered into on May 11, 2017.

Itaú Unibanco clarifies that this transaction does not cause any change in the corporate governance of XP Inc. Additionally, this operation is not expected to have any significant impact on the Company's current fiscal year results.

RENATO LULIA JACOB

Group Head of Investor Relations and Market Intelligence

View original content:https://www.prnewswire.com/news-releases/material-fact---acquisition-of-an-equity-interest-in-the-capital-of-xp-inc-301536646.html

SOURCE Itaú Unibanco Holding S.A.

FAQ

What percentage stake did Itaú Unibanco acquire in XP Inc.?

Itaú Unibanco acquired an 11.36% equity stake in XP Inc.

How much did Itaú Unibanco pay for its stake in XP Inc.?

Itaú Unibanco paid approximately R$ 8 billion for its stake in XP Inc.

Will the acquisition of XP Inc. impact Itaú Unibanco's fiscal results?

The acquisition is not expected to have any significant impact on Itaú Unibanco's current fiscal results.

Is there any change in XP Inc.'s corporate governance due to the acquisition?

No, the acquisition does not cause any change in the corporate governance of XP Inc.

When was the acquisition of XP Inc. announced?

The acquisition was announced on April 29, 2022, following a previous announcement on May 11, 2017.