Brazilian bank Itau Unibanco agreed on 26 October 2026 to acquire all shares of AI startup NeoSpace AI for 2.925 billion reals ($589 million), Reuters reported from São Paulo, citing the bank’s securities filing. The purchase would bring a company that has worked with Itau for nearly two years under the bank’s ownership.
Key points
- Itau agreed to buy all shares of NeoSpace AI for 2.925 billion reals ($589 million), according to Reuters.
- Part of the price is due at closing, with the balance deferred over five years.
- NeoSpace specialises in large AI models and has worked with Itau for nearly two years.
Itau’s payment extends over five years
Itau will pay part of the acquisition price when the transaction closes and the remainder over five years, Reuters reported, citing the filing. The agreement is subject to regulatory approval and customary closing conditions.
Traders Union gave the price as 2.9 billion reais ($580 million) and described the transaction as all-cash. Reuters gave the price as 2.925 billion reals ($589 million) and reported the deferred-payment schedule.
NeoSpace brings an existing Itau relationship
NeoSpace specialises in large AI models and has worked with Itau for nearly two years. The agreement would bring the company under the bank’s ownership.
Itau is Brazil’s largest bank by assets, according to Traders Union. The bank says it intends to combine NeoSpace’s technology with its financial-services expertise to develop its own AI models, Bloomberg reported.
Pierobon stays at NeoSpace
NeoSpace will keep an autonomous management team and operating structure, according to Itau’s account reported by Bloomberg. Founder Bruno Pierobon will remain chief executive officer.
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