Itausa Sells 2.3% Stake in XP for BRL1.1 Billion
By Jeffrey T. Lewis
SÃO PAULO--Itaúsa said Wednesday it sold a 2.3% stake in online financial services provider XP, reducing the Brazilian investment holding company's total stake to 4.4%.
Itaúsa said it received about 1.1 billion reais, the equivalent of $224 million, for the 12 million shares of XP it sold. Itaúsa still holds 23.5 million shares of XP.
Itaúsa said it cut its stake in XP because the holding company doesn't consider XP to be a strategic asset. The proceeds from the sale would be used to strengthen its cash position and boost liquidity, Itaúsa said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
June 07, 2023 08:38 ET (12:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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