Brazilian bank Bradesco (BBDC4.SA)(BBD.N) said on Monday it reached a deal to take a 43.5 percent stake in local dental insurer OdontoPrev(ODPV3.SA) and share control of it with OdontoPrev's founder and chief executive.
The bank's insurance unit, Bradesco Saude, agreed to share control of OdontoPrev with ZNT Participacoes, which owns 7.56 percent of the dental insurer. Together, Bradesco Saude and ZNT would hold 51.06 percent of OdontoPrev, which has 533 million reais ($311 million) in annual revenue.
ZNT is owned by Randal Luiz Zanetti, OdontoPrev's founder and chief executive.
Under the terms of the deal, Bradesco would name three members to OdontoPrev's board of directors, including its chairman. Zanetti would also name three members and the remaining two would be independent.
The companies did not provide a value for the deal, which still has to be approved by Brazilian authorities. ($1=1.714 reais)