General Atlantic to buy 31 pct stake in Brazil brokerage
* Stake valued at $200 million
* Purchase follows 2010 investment by Actis
SAO PAULO Dec 5 (Reuters) - U.S.-based buyout firm General Atlantic LLC agreed to pay 420 million reais ($200 million) for a 31 percent stake in XP Investimentos CCTVM SA, Brazil's largest independent brokerage, the companies said on Wednesday.
The purchase, XP said, puts off plans the brokerage had of listing shares on the stock market next year. "We got to know General Atlantic and our plans changed," said Guilherme Benchimol, XP's founder. "We have all we need now for the next few years."
XP, founded in 2001, boasts more than 70,000 retail investors and handles more than 20 billion reais ($9.6 billion) worth of trading each month. XP also owns educational, insurance, and wealth management units. XP has said it was considering offering investment banking services, too.
The purchase by General Atlantic follows a 100 million real ($47.8 million) investment in the brokerage last year by private equity firm Actis. Fo llowing that transaction, XP's original partners retain 59 percent of the brokerage and Actis owns 10 percent.
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This business of notes is livelihood for hundreds in Old Delhi, with vendors charging a fee of up to 20 percent to replace damaged banknotes. A mildly damaged 500 rupee note, for instance, can be exchanged for 480 rupees, while a bundle of crisp, new 10 rupee notes valued at 1,000 rupees is priced at 1,050 rupees. Full Article