On July 22, 2015, the founders of Gávea Investimentos Ltda announced that they had reached an agreement to buy back the fund manager from JPMorgan Chase & Co.
Gávea Investimentos Ltda (“Gávea”) is a Brazilian investment firm based in Rio de Janeiro with approximately $5.3 billion in assets under management. JPMorgan Chase & Co. (“JPMorgan”) initially acquired 55% of Gávea in 2010. JPMorgan has since exercised its option to purchase the remaining 45% of Gávea.
The deal calls for JPMorgan to be paid over the next 10 years with part of Gávea’s earnings. The financial terms of the deal have not yet been disclosed as the deal is still being reviewed by lawyers.
To read the news release: please click here.