BTG Pactual buys Caixa's stake in Banco Pan

BTG Pactual buys Caixa's stake in Banco Pan

M&A Brazil

Brazilian investment bank BTG Pactual said early Tuesday it agreed to pay BRL3.7 billion ($661 million) for the stake in local midsize lender Banco Pan held by federal savings bank Caixa Econômica Federal. BTG said its subsidiary Banco Sistema agreed to acquire the 49.2% voting stake equivalent to 26.8% of Banco Pan's capital held by Caixa Participações. BTG agreed to pay BRL11.42 per share for CaixaPar's stake, which represents a 1.6% premium over the share price of BRL11.24 on Monday. Shares i

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