Santander Brasil SA, Brazil’s largest foreign lender, made public on Monday an intention to buy out acquirer GetNet Tecnologia SA from the company’s controlling shareholder, according to a securities filing.
The bank, a subsidiary of Spain’s Banco Santander SA, signed a memorandum of understanding with Ernesto Corrêa da Silva to explore a potential purchase of his stake in GetNet, which has about 5 percent of Brazil’s $320 billion merchant acquiring market, as the card payment processing industry is known.
The bank did not disclose terms of its proposal to Corrêa da Silva. Units of Santander Brasil, a blend of the bank’s common and preferred shares that is the lender’s most widely traded class of stock, rose 1.1 percent to 13.08 reais on Monday.
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