Itaú Unibanco Takes Significant Stake in Avenue, Plans for Full Acquisition

July 12, 2022

Willkie's London and New York offices advised broker-dealer Avenue in the transaction.

On July 8, Itaú Unibanco Holding S.A., the largest private sector bank in Brazil, announced that it agreed to acquire an initial 35% stake in Willkie client Avenue Holding Cayman Ltd., a leading broker-dealer for Brazilian investors, followed by the acquisition of a controlling stake in the company.

Avenue owns a U.S. digital securities broker that provides Brazilian investors access to international markets. It has over 229,000 active clients and R$6.4 billion under custody.

The Willkie team was led by partners Philip Coletto and Anna Martini G. Pereira.