SÃO PAULO, April 12,
2022 /PRNewswire/ -- ITAÚ UNIBANCO HOLDING
S.A. ("Itaú Unibanco") informs its stockholders and the market
in general that, as of this date, it entered into an agreement with
TOTVS S.A. ("TOTVS") for the incorporation of a joint venture
("JV"), initially named TOTVS TECHFIN S.A. ("TECHFIN"), with the
purpose of distributing and expanding financial services integrated
into TOTVS's management systems, based on intensive data use,
focused on corporate clients and their entire supply chain, clients
and employees.
According to this agreement, before closing the transaction,
TOTVS will transfer the assets of its current TECHFIN operation to
the company of which Itaú Unibanco will be a partner with 50% of
capital stock, and each partner will be entitled to nominate half
of the members of its Board of Directors and Board of Officers.
Itaú Unibanco will pay R$610
million to TOTVS for its stake and up to R$450 million as earn-out after five years,
subject to the achievement of the targets aligned with the growth
and performance goals. Additionally, Itaú Unibanco has committed to
contributing to funding current and future operations, providing
credit expertise and development of new products at TECHFIN.
This partnership sets up a company that will combine technology
and financial solutions, adding to the supplementary expertise of
the partners to provide corporate clients with, in an expeditious
and integrated manner, the best experiences in buying products
directly from the platforms already offered by TOTVS.
The abilities of Itaú Unibanco and TOTVS together will also
enable the new company to take advantage of opportunities in a
customized and contextualized manner, anticipating clients' needs
and fully aligned with the Open Finance strategy and evolution to
companies. Furthermore, this partnership strengthens the leading
position of Itaú Unibanco and TOTVS in digital transformation and
evolution of the financial industry.
The completion of this operation is subject to the approvals
from CADE (the Brazilian antitrust authority) and the Central Bank
of Brazil.
View original
content:https://www.prnewswire.com/news-releases/material-fact-techfin---partnership-between-itau-unibanco-and-totvs-301524430.html
SOURCE Itaú Unibanco Holding S.A.