AcquisitionsJul 31, 2026, 06:06 AM
Santander to acquire remaining 10% of Santander Brazil for up to €1.9B
AI Summary
Banco Santander (Brasil) S.A. announced that its controlling shareholder, Banco Santander, intends to launch an exchange offer to acquire all outstanding shares, units, and ADSs of Santander Brazil not currently owned by Banco Santander. The offer, valued at up to €1,908 million, represents a 15% premium and will involve the issuance of new Banco Santander shares. Santander Brazil will remain listed on B3, while its ADSs may be delisted from the NYSE depending on the offer's outcome. The transaction is expected to be accretive to Banco Santander's EPS and tangible book value per share.
Key Highlights
- Banco Santander intends to acquire approximately 10% of Santander Brazil's share capital it does not already own.
- The offer is for common shares, preferred shares, units, and ADSs of Santander Brazil.
- Exchange ratio: 0.2028 Banco Santander BDR/ADS for each Common/Preferred Share.
- Exchange ratio: 0.4056 Banco Santander BDR/ADS for each Unit/ADS.
- The proposed Exchange Ratio represents a 15% premium based on July 30, 2026 closing prices.
- Total consideration for the acquisition is up to €1,908 million.
- Banco Santander would issue approximately 156 million new shares, representing 1.1% of its current share capital.
- Transaction expected to be accretive to EPS by ~0.5% from 2028 and tangible book value per share by ~0.6%.
Price Impact
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