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    XP   KYG982391099

XP INC.

(XP)
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XP to Buy Banco Modal

01/07/2022 | 06:52am EDT

By Matt Grossman

XP Inc. will combine with Banco Modal S.A. in an all-stock transaction, XP said Friday.

The deal will see XP pay 19.5 million newly issued shares or Brazilian depositary receipts to acquire 100% of Banco Modal, a price that XP said implies a 35% premium over Banco Modal's 30-day average price.

If minority shareholders don't give the required approvals, XP plans to acquire 56% of Banco Modal from its controlling shareholders in a deal that would give minority shareholders the right to participate.

"Given the immaterial overlap between XP and Modal's clients, we expect that interesting revenue synergies and client experience enhancements will be captured," XP Chief Financial Officer Bruno Constantino said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

01-07-22 0652ET

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Financials (USD)
Sales 2022 2 882 M - -
Net income 2022 729 M - -
Net cash 2022 3 199 M - -
P/E ratio 2022 16,4x
Yield 2022 0,27%
Capitalization 11 967 M 11 967 M -
EV / Sales 2022 3,04x
EV / Sales 2023 0,79x
Nbr of Employees -
Free-Float 22,6%
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Technical analysis trends XP INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 21,37 $
Average target price 37,76 $
Spread / Average Target 76,7%
EPS Revisions
Managers and Directors
Thiago Maffra Chief Executive Officer
Bruno Constantino A. dos Santos Chief Financial Officer & Independent Director
Guilherme Benchimol Executive Chairman
Guilherme Sant’Anna Monteiro da Silva Independent Director
Luiz Felipe Amaral Calabró Independent Director
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