Feb. 7 (Bloomberg) -- Banco BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, agreed to buy Chile’s brokerage firm Celfin Capital SA for $600 million, said a person familiar with the matter.
The announcement will be made tomorrow, said the person, who asked not to be identified because the deal isn’t public. The acquisition talks began in August, Santiago-based Celfin said then in an e-mailed statement.
Gordon Lee, BTG Pactual’s country specialist and strategist for Mexico, said last month that the lender would pick up 13 analysts in the deal. BTG Pactual currently has 28 analysts covering Latin America companies. Lee was hired from UBS AG in January to strengthen Latin American equity coverage.
Brazilian banks are seeking to expand in Latin America as the region’s growth accelerates. Itau Unibanco Holding SA has announced plans to hire 37 people in Colombia and said it won a license to operate in Mexico.
BTG Pactual declined to comment today. Celfin Chairman Juan Andres Camus didn’t return a phone message left with his assistant. Final terms will be disclosed once contracts have been signed, Celfin said in an e-mail.
Exame magazine’s Faria Lima blog reported earlier on the agreement.
--With the assistance from James Attwood in Santiago. Editors: Dan Reichl, Dan Kraut
To contact the reporters on this story: Cristiane Lucchesi in Sao Paulo at firstname.lastname@example.org; Francisco Marcelino in Sao Paulo at email@example.com.
To contact the editor responsible for this story: David Scheer at firstname.lastname@example.org