Brazil's Itau agrees to buy AI startup NeoSpace for $589 million
SAO PAULO, Oct 26 : Brazilian lender Itau said on Monday it had entered an agreement to acquire all shares issued by artificial intelligence startup NeoSpace AI.
Under the deal, the bank will pay 2.925 billion reals ($589 million), with part due at closing and the balance deferred over five years, it said in a securities filing.
NeoSpace, which specializes in large AI models, has worked with Itau for nearly two years, according to the filing. The deal is subject to regulatory approval and customary closing conditions.
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Get our pick of top stories and thought-provoking articles in your inbox
Stay updated with notifications for breaking news and our best stories
Join our channel for the top reads for the day on your preferred chat app
