Santander has initiated a voluntary share-exchange offer to acquire the approximately 10% stake in Santander Brasil that it does not already own.
The Spanish bank is offering a 15% premium over the current market value, valuing the transaction at up to US$2.2 billion.
The offer comes as Santander Brasil (SANB11) has faced significant headwinds, with shares declining approximately 21% in 2026.
The move aims to consolidate full control of its Brazilian operations through a share swap rather than a cash payout.
The offer comes as Santander Brasil (SANB11) has faced significant headwinds, with shares declining approximately 21% in 2026.
This marks the steepest annual drop for the lender's Brazilian operations, creating a record valuation gap between the subsidiary and its parent company.
The sharp underperformance has provided Santander with an opportunity to repurchase the minority interest at a discount relative to historical levels, despite the premium offered to minority shareholders.