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XP Inc. (XP) signs binding agreement to merge up to 100% of Banco Modal S.A.
January 7, 2022 6:16 AM ESTXP Inc. (Nasdaq: XP), a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil, announced today the signing of a binding agreement (Binding Agreement) to merge up to 100% of Banco Modal S.A. (B3: MODL11) (Banco Modal), which will be paid with up to 19.5 million newly issued XP Inc. Class A shares or Brazilian Depositary Receipts (BDR), implying a premium of 35% over Banco Modals last thirty days average price¹.
The parties agreed to implement the transaction... More
