Itaúsa sells remaining stake in XP for R$1.7 billion

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Sale is part of the decision to divest in XP “as it is not a strategic asset for Itaúsa”, according to a statement sent to the market today. Tom Brady participated in the 2023 Expert XP and left an autographed ball XP/ Disclosure Itaúsa sold its remaining stake in XP. The company reported that it concluded the sale of R$1.7 billion in XP shares in the months of November and December. Part of the money obtained from the operation was used for the early redemption of debentures from the 1st series of the 5th issue and part will be used to reinforce cash and increase the level of liquidity. In August, Alfredo Setubal, president of the company, said at an event aimed at investors that the divestment would be done “without haste”, but that the process could come to an end in 2023, depending on market conditions. “If the market is able to absorb this balance, we will execute. If not, it will be for next year”, stated the executive. The sale is part of the decision to divest from XP “as it is not a strategic asset for Itaúsa”, according to a statement sent to the market today. Itaúsa also says that it does not expect any relevant impacts on the results of the fourth quarter of 2023, as the investment in XP was accounted for as a financial asset measured at fair value since the third quarter.

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