Bloomberg News

Itau Said to Sell Credit-Card Processing Unit to Stefanini

December 29, 2011

(Updates with share price in the last paragraph.)

Dec. 27 (Bloomberg) -- Itau Unibanco Holding SA, Latin America’s largest bank, is selling the credit- and debit-card processing unit it acquired in 2004 to a Brazilian software producer, according to two people familiar with the transaction.

Itau, located in Sao Paulo, agreed to sell its Orbitall subsidiary to Jaguariuna-based Stefanini Consultoria & Assessoria em Informatica SA for an undisclosed sum, said the people, who asked not to be identified because the deal hasn’t been announced.

Stefanini, which provides information technology and consulting, invested $100 million over the past 11 months to buy two companies in the U.S., TechTeam Global Inc. of Southfield, Michigan, and CXI, and one in Colombia, Informática & Tecnologia, according to its website. The Brazilian company, which operates in 28 countries and forecasts 2011 revenue of 1.25 billion reais ($673 million), has set aside another $120 million for acquisitions through 2013, 60 percent directed for purchases outside of Brazil, the website shows.

Officials from Stefanini and Itau declined to comment yesterday.

Orbitall, located in Sao Paulo, had net revenue of 529.7 million reais in 2009, according to the most recent data compiled by Bloomberg. Itau increased its ownership in the company to 100 percent from 33.3 percent after paying 281 million reais in 2004 for stakes held by New York-based Citigroup Inc. and Uniao de Bancos Brasileiros SA, known as Unibanco. Itau bought Unibanco in 2009 to become the region’s largest bank by market value.

Itau’s preferred shares fell 0.1 percent to 34.23 reais in Sao Paulo at 11:32 a.m., compared with a 0.2 percent gain for the benchmark Bovespa Index.

--Editors: Laura Zelenko, Dan Kraut

To contact the reporters on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net; Francisco Marcelino in Sao Paulo at mdeoliveira@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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