Bradesco, Brazil's largest private bank, announced Thursday that it has acquired Agora Holdings, owner of Brazil's leading home stock broker Agora Corretora, for about 830 million reais (494 million U.S. dollars).
This will allow the bank to get the top position in the home broker sector, which has been receiving high rates of economic growth. Nevertheless, the transaction remains approval by the Brazilian authorities, according to a press release issued by the bank.
After the acquisition, Agora Corretora will be run in the "Independent", and will continue to rely on its current operations and service structures, the bank said.
Of the acquisition deal, 500 million reals (298 million U.S. dollars) correspond to the value of the business, and the remaining 330 million reals (196 million U.S. dollars) represent the market value of the stocks held by Agora Holdings in the Sao Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange, Bradesco said.
Agora Corretora, which has been operating in the market for over 15 years and has about 29,000 active clients, is the largest broker in Brazil's home broker sector, according to Bradesco
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