BTG Pactual takes Total Express stake from Abril

Banco BTG Pactual S.A. agreed to receive an 8.58% stake in Total Express Holding LLC from Grupo Abril, according to reporting by InvestNews on 14 September 2026. The holding company owns all shares of Tex Courier, the corporate entity behind the logistics operator Total Express. Abril is transferring the minority stake to settle debt related to the third series of its 11th debenture issuance. The companies did not disclose the value of the debt, and the transaction remains subject to approval by Brazil's antitrust authority Cade.

The transaction places BTG alongside Amazon, which acquired a 9.68% stake in Total Express in 2022, leaving Abril with 90.32% at that time. Total Express posted net revenue of R$ 1.84 billion in 2025, up 5.2% year on year, while net income fell 11.3% to R$ 67 million. Total Express paid R$ 49.7 million in dividends during 2025 based on 2024 earnings. An additional R$ 65.2 million was approved in December 2025 and ratified in April 2026, scheduling payments of R$ 41 million by December 2026 and R$ 24.2 million by December 2028.

The deal expands a commercial history dating back to Abril's judicial recovery. In 2019, BTG-controlled Enforce acquired credits that Bradesco, Itaú, and Santander held against Abril, which accounted for roughly R$ 1.2 billion of a total debt of R$ 1.6 billion. That transaction facilitated the media group's restructuring led by Fábio Carvalho, who is now Abril's owner. In December 2019, BTG also acquired the Exame brand, magazine, website, and events division for R$ 72.3 million as the sole bidder in an auction under the court-supervised reorganization plan.