Itaú plans new stake increase in Equatorial Distribuição

Itaú Unibanco and Equatorial are preparing a new transaction to reinforce the capital of Equatorial Distribuição, InvestNews reported on September 29, 2026. The bank intends to expand its current 4.47% stake in the holding company, which gathers power distribution concessions across the Brazilian states of Pará, Maranhão, Piauí, and Alagoas.

The transaction will take place through the subscription of new preferred shares, keeping Itaú Unibanco as a minority partner. The deal has just been submitted to Brazil's antitrust authority, the Administrative Council for Economic Defense (Cade). The total investment amount, Itaú's final equity stake, and the return conditions remain confidential.

According to regulatory filings, Equatorial stated that the capital increase will support its electric power operations. The group recently deployed approximately BRL 12.5 billion into sanitation acquisitions, paying BRL 6.9 billion for a 15% stake in Sabesp in 2024 and BRL 5.6 billion for 30% of Copasa in June 2026.

The planned investment extends a relationship that began in 2019. Between 2019 and 2023, Itaú Unibanco made three capital injections totaling roughly BRL 4.4 billion: BRL 1 billion in November 2019, BRL 2.1 billion in March 2023, and BRL 1.3 billion in December 2023, bringing its stake to 25.79%.

Equatorial later exercised repurchase options tied to the CDI rate minus received dividends. It bought back shares for BRL 2 billion in November 2025 and spent another BRL 172.8 million in January 2026 for Class A and B shares, which lowered Itaú Unibanco's stake to 4.47%.