Chinese conglomerate to buy Brazilian stockbroker

Chinese conglomerate Fosun International Ltd has announced its intention to buy control of Brazilian stockbroker and wealth manager Guide Investimentos.

Fosun International issued a written statement saying it will pay 170 million reais (US$52 million) immediately for a controlling stake, and perhaps another 120 million reais later, depending on the how Guide Investimentos performs.

Fosun international says the seller, Brazilian bank Banco Indusval SA, will retain up to 20 percent of Guide Investimentos.

The Brazilian central bank has yet to approve the deal.

Fosun International says it expects to conclude the purchase in the first half of this year.