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China's Fosun to buy Brazilian brokerage company Guide Investimentos

Fosun International Ltd. agreed to acquire Guide Investimentos SA Corretora de Valores for 170 million Brazilian reais and an additional 120 million reais depending on Guide's future performance, the Chinese conglomerate said.

The deal is in line with Fosun's strategy of investing and building operations in emerging countries, particularly in Latin America, it said in a news release. Brazilian bank Banco Indusval SA will retain a stake of up to 20% in Guide following the transaction.

Guide, an Indusval subsidiary, is an institutional brokerage and wealth management company. The transaction is expected to complete in the first half of 2018, pending approval from the Brazilian central bank.

As of Feb. 26, US$1 was equivalent to 3.24 Brazilian reais.