Banco Itau to take stake in Netco once IPO launches
MIAMI — AOL Latam has announced a strategic alliance in Brazil with Banco Itau, with the leading Brazilian bank taking a minority stake in the regional Internet company when it goes public.
AOL Latam has filed with the Securities & Exchange Commission to go public, but a date for the stock offering has not been set, nor did AOL Latam specify how large a stake Banco Itau will take. AOL Latam is currently a 50-50 joint venture between America Online and Venezuelan conglomerate Cisneros Group of Companies, which has extensive media and telecom holdings.
Under the agreement, AOL Latam subsid AOL Brasil will create a custom version of its service that will be heavily promoted to Banco Itau’s 7 million-plus customers.