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Santander Brasil acquiring control of 2 technology firms for 102M reais

Banco Santander (Brasil) SA said it is moving to acquire full and direct ownership of two technology firms that are indirectly controlled by Spain-based parent Banco Santander SA, for a total consideration of about 102 million Brazilian reais.

Santander Brasil said it concluded a deal to acquire all the shares of Isban Brasil SA for a spot price of about 61 million reais, while its board has approved the primary terms of an agreement to purchase Produban Serviços de Informática SA for approximately 41 million reais.

The Produban Serviços deal is subject to the signing of definitive documents and the fulfillment of certain conditions precedent, according to a Form 6-K filed Feb. 20.

Isban Brasil and Produban Serviços "are the main providers of technical support and maintenance services related to software and hardware of Santander Brasil," the bank said, noting that their acquisition will improve the flexibility, quality and efficiency of the bank's operations.

As of Feb. 19, US$1 was equivalent to 3.23 Brazilian reais.