Santander plans share-swap offer for remaining Santander Brasil free float, values deal at up to EUR 1.91 billion

Banco Santander plans share-swap offers to buy the roughly 10% of Santander Brasil it does not already own.

Holders tendering shares, units, or ADSs would receive Banco Santander BDRs in Brazil or Banco Santander ADSs in the US.

The exchange ratio is set at 0.2028 Banco Santander BDRs/ADSs per common or preferred share, and 0.4056 per unit or Santander Brasil ADS.

The proposed terms imply a 15% premium, based on July 30, 2026 closes of EUR 12.25 for Banco Santander shares and R$ 25.25 per unit.

The transaction size is capped at about EUR 1.91 billion, implying issuance of about 156 million new Banco Santander shares, or about 1.1% of current capital.