Business
Update on the Merger of XPart Into XP
SÃO PAULO, Brazil, Aug. 20, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven platform and a trusted provider of low-fee financial
About this update from Xp Inc.
[{"type":"text","content":"SÃO PAULO, Brazil, Aug. 20, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil, announced today that, in line with the Merger Protocol signed between XP Inc. and XPart and XP Part’s notice about its Shareholders’ Meeting to be held on October 1, 2021, the Company will hold its Annual General Meeting to deliberate on the merger of XPart into the Company on the same date. Details about the Annual General Meeting will be provided on a timely manner. XP believes that the obligations agreed to by its controlling shareholders pursuant to the transaction will enhance its corporate governance structure and contribute to improve its capital structure and leverage capacity, so that the controlling shareholders of XP and GA will be the only holders of Class B shares of XP, which are entitled to 10 votes per share. Therefore, controlling shareholders are expected to increase their voting rights from 55.4% to 68.3%. Additionally, the Company’s flexibility for certain strategic decisions will be enhanced following the elimination of veto rights previously held by Itaú Unibanco. We reinforce our commitment to all stakeholders with generating sustainable long-term value and continuously strengthening our Culture and Purpose. About XPXP is a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by: Educating new classes of investors;Democratizing access to a wider range of financial services;Developing new financial products and technology applications to empower clients; andProviding high-quality customer service and client experience in the industry in Brazil. XP provides customers with two principal types of offerings, (i) financial advisory services for retail clients in Brazil, high-net-worth clients, international clients and corporate and institutional clients, and (ii) an open financial product platform providing access to over 800 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others from XP, its partners and competitors. No Offer Or Solicitation T...