DLA Piper advises Itaú in its acquisition of minority stakes in Uruguayan fintech companies Prex and Paigo

DLA Piper represented Brazilian bank Itaú in its recent acquisition of minority stakes in Uruguayan fintech companies Prex and Paigo.

Prex provides financial services to more than one million customers in Argentina, Peru and Uruguay. Its platform allows users to make local and international purchases, transfers and service payments, and apply for personal loans and access tools to manage personal finances. Paigo is a digital financial services platform for unbanked people in Uruguay.

The transaction was signed on March 13 and is expected to close in the second half of 2022, pending approval from the central banks in Brazil and Uruguay.

“It was a pleasure to bring together our cross-border transactional capabilities, extensive M&A experience and deep understanding of the financial services and fintech sectors to advice Itaú on its acquisition of a stake in Prex and Paigo,” said Francisco Cerezo, the DLA Piper partner who led the firm’s deal team.

In addition to Cerezo (Miami), the DLA Piper team representing Itaú included associate Joseline Rodríguez in Miami; partners Nikos Buxeda and Manuel López Zambrana and associate Juan Carlos Aquino in San Juan; partners Antonio Arias and Guillermo Cabanellas and associates Juan María Rosatto, Milagros Gaido and Rocío Esperanza Yu in Buenos Aires; and partners Fernando Lanfranco and Luis Vargas and associates Daniel Flores, Juan Carlos Ramírez and Ricardo Chirinos in Lima.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.