Brazil‘s bank and super app wannabe Inter (former Banco Inter) announced this Thursday (7), in a material fact, the hiring of Bank of America, Bradesco BBI, JP Morgan, and Itaú BBA to advise the company in its corporate reorganization for “the migration of its shareholding basis for Inter Platform, Inc., a company incorporated under the laws of the Cayman jurisdiction, which will result in the listing of its shares in the United States and the trading of BDRs backed by shares issued by Inter Platform on B3 [the Brazilian stock exchenge]″.
According to Inter, the studies for this reorganization have already been completed and unanimously approved by the company’s Board of Directors. In parallel, Inter informed that LA BI Holdco, LLC, a vehicle indirectly controlled by Softbank Latin America Fund, Inter’s largest non-controlling shareholder, entered into a reorganization agreement with Inter and will also support the migration of Inter to the U.S.
First, the shares will be incorporated by Inter Holding Financeira, which will later be incorporated by Inter Platform. By the drawings presented in the material fact, the Menin family will maintain control over the bank. Minority shareholders, who will still be called for meetings, will be offered some options: transforming shares on B3 into BDRs, which can then be converted into another type of share on Nasdaq (Inter’s target stock exchange for this entire operation). It will also be possible, subject to conditions and deadlines, to redeem the value of the shares.
The intention and studies of the operation were communicated to the market in May this year. In addition, in August of this year, Inter announced the acquisition of USEND, a North American fintech that operates in the foreign exchange and financial services market, including money transfers between countries. The acquisition is part of Inter’s strategy to start activities in the U.S., expanding financial and non-financial products to US residents and clients in Brazil, integrating fintech services to its platform.