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Itaú agrees to buy NeoSpace AI for R$2.925 billion, with closing still conditional
The Brazilian bank plans to acquire all shares of its long-time AI partner. Part of the price is due at closing, with the balance deferred over five years, subject to regulatory approvals.
Itaú Unibanco signed an agreement to acquire all shares of Brazilian artificial-intelligence startup NeoSpace for R$2.925 billion, about $589 million at the exchange rate cited by Reuters. The companies have worked together for nearly two years.
The transaction is not complete. It requires approvals from Brazil’s antitrust authority CADE and central bank, plus customary closing conditions. Itaú said an undisclosed first payment is due at closing and the remainder will be paid over five years.
The agreement covers all shares
Reuters and Folha report that Itaú signed for 100% of NeoSpace. The R$2.925 billion figure is the stated transaction value; it is not a completed payment or proof that ownership has transferred.
Payment is split over time
An initial amount will be paid at closing, but the size of that installment is undisclosed. The remaining balance is deferred over five years under the contract, so the headline price should not be described as immediate cash outflow.
Two regulators still stand before closing
Completion depends on CADE and Brazil’s central bank as well as customary conditions. Until those approvals and the legal close, NeoSpace remains outside Itaú’s full ownership.
The companies already have operating history
NeoSpace has worked with Itaú for nearly two years on generative-AI applications. Folha says the bank cited credit, customer relationship management and fraud prevention as areas where the partnership produced results.
Autonomy is part of the plan
Itaú said NeoSpace will retain autonomous management and operations, its team and chief executive. The acquisition is meant to deepen the bank’s own ia.i platform, but future performance and integration results remain unproven.
