Fosun Group on Tuesday signed an agreement to acquire Brazilian institutional brokerage and wealth management firm Guide Investimentos.
According to a statement Fosun sent to the Global Times, the company will pay 170 million reais ($52 million) for this acquisition, and an additional 120 million reais depending on the company's future performance.
Guide Investimentos has more than 50 years of history in the market and is a subsidiary of Banco Indusval SA, a Brazilian bank, which will retain up to a 20 percent stake in the company.
Completion of the transaction requires approval from the Brazilian Central Bank and is expected to close in the first quarter of 2018.
