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Santander Brasil to acquire 1.43B reais stake in electronic payments unit

Banco Santander (Brasil) SA will acquire a 11.5% stake in Getnet Adquirencia e Serviços para Meios de Pagamento SA, an electronics payment firm, from minority shareholders for 1.43 billion reais, the company said.

With the purchase, subject to Brazilian central bank approval and other conditions, Santander Brasil will own 100% of Getnet, as it already holds an 88.5% stake in the firm.

The stake is being sold by minority shareholders Manzat Inversiones AAU SA and Guilherme Alberto Berthier Stumpf.

As of Dec. 18, US$1 was equivalent to 3.91 Brazilian reais.