BTG Pactual to purchase Julius Baer’s Brazil unit in $164 million deal, native media stories

SAO PAULO (Reuters) – Brazilian funding financial institution BTG Pactual is about to announce the acquisition of Swiss non-public financial institution Julius Baer (SIX:BAER)’s native unit in a deal value about 1 billion reais ($163.6 million), newspaper O Globo reported on Monday.

BTG Pactual will announce the deal this week, in accordance with the report, which didn’t specify the way it obtained the knowledge.

BTG Pactual and Julius Baer declined to remark.

Reuters reported in November, citing sources, that Julius Baer had tapped Goldman Sachs to advise on the sale of its Brazilian operation.

($1 = 6.1113 reais)