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XP Inc. Announces Share Purchase Agreement With Itaúsa
SÃO PAULO--(BUSINESS WIRE)-- XP Inc. (Nasdaq: XP), announced today that it has signed a share purchase agreement with Itaúsa S.A. Under this agreement, XP
About this update from Xp Inc.
[{"type":"text","content":" SÃO PAULO--(BUSINESS WIRE)--\nXP Inc. (Nasdaq: XP), announced today that it has signed a share purchase agreement with Itaúsa S.A. Under this agreement, XP will purchase 5,500,000 outstanding Class A common shares from Itaúsa S.A., equivalent to approximately U$105 million, in the same conditions for which Itaúsa sold 10,000,000 Class A shares on November 9th, 2022. XP should utilize its existing cash to fund this share repurchase and the shares should be held in treasury. This transaction is not part of the Share Repurchase Program announced by XP on May 11th, 2022.\n\nAbout XP\n\nXP 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:\n\n\nEducating new classes of investors;\n\n\nDemocratizing access to a wider range of financial services;\n\n\nDeveloping new financial products and technology applications to empower clients; and\n\n\nProviding high-quality customer service and client experience in the industry in Brazil.\n\n\nXP 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.\n\nForward Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of the \"safe harbor\" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as \"expect,\" \"anticipate,\" \"should,\" \"believe,\" \"hope,\" “aim,” \"target,\" \"project,\" \"goals,\" \"estimate,\" \"potential,\" \"predict,\" \"may,\" \"will,\" \"might,\" \"could,\" \"intend,\" variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. For...