September 12, 2019 / 10:58 PM / a month ago

Brazil's XP Investimentos hires banks for U.S. IPO

SAO PAULO, Sept 12 (Reuters) - Brazilian financial services firm XP Investimentos has hired investment banking units of JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley to manage an initial public offering in the United States, two sources with knowledge of the matter said.

XP, which declined to comment on the matter, intends to list its shares by January, the source added.

This is the second time that XP will have pursued an IPO. In 2017, XP was preparing to list its shares when it reached a deal with Brazil's largest private-sector bank, Itau Unibanco Holding SA, which acquired a 49.9% stake in XP in a cash-and-shares deal totaling 6.3 billion reais ($1.55 billion).

Both XP and Itau will also manage the offering, one source added.

Private equity firm General Atlantic LLC and Dynamo Administração de Recursos are also shareholders in XP.

XP said earlier this year it plans to quadruple its assets under custody to 1 trillion reais by December 2020.

Brazilian financial blog Brazil Journal reported earlier that XP had hired banks to manage its IPO. ($1 = 4.0599 reais) (Reporting by Carolina Mandl; Editing by Cynthia Osterman)

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