08:32 AM EDT, 05/28/2024 (MT Newswires) -- Inter & Co (INTR) said Tuesday that its Banco Inter unit agreed to acquire shares representing 50% of the capital stock of Granito Instituicao de Pagamento held by Banco BMG for 110 million Brazilian reais ($21.4 million).

The company said that upon completion of the deal, Banco Inter, which previously owned 50% of Granito, will become its sole shareholder.

Granito, a merchant acquirer that provides more than 100,000 small and medium enterprises in Brazil with financial services, will change its name to Inter Pag, the company said.