04:55 AM EDT, 07/31/2026 (MT Newswires) -- Banco Santander (SAN) said Thursday it intends to launch a voluntary exchange offer to acquire the approximately 10% of outstanding shares of Santander Brasil it does not already own.

The transaction is valued at up to 1.91 billion euros ($2.20 billion), providing minority investors a 15% premium based on Santander Brasil's closing share price on July 30, with consideration in newly issued Banco Santander shares, the company said.

Banco Santander said the deal has no minimum acceptance requirement, and if all minority shareholders tender their shares, the bank expects to issue about 156 million new shares, representing about 1.1% of its current share capital.

Banco Santander said the transaction is expected to increase earnings per share by about 0.5% beginning in 2028 while having a neutral impact on its CET1 capital ratio.

Shares of the company were up 0.85% in Friday premarket activity.