Itaú to Buy Newspace for 2.925 Billion Reais to Strengthen AI Models
Key Facts
Itaú Unibanco has signed an agreement to buy all shares in Newspace, the Brazilian company specializing in developing foundation models trained on large datasets, for 2.925 billion Brazilian reais, according to the bank’s disclosure as reported by Exame. Reuters valued the consideration at about $589 million. The deal marks a shift from an existing commercial relationship to full ownership of the company’s AI capabilities. Itaú said Newspace develops models trained on the bank’s proprietary data, though the disclosure did not give a figure for the number of customers covered by that data. The bank aims to combine these capabilities with its data, expertise and scale to develop more specialized models and expand their use in its products and services.
The deal follows nearly two years of collaboration, during which Newspace provided services to Itaú and developed models using its proprietary data, according to the bank’s disclosure. Itaú said the joint work had delivered results it described as significant and transformative in credit, customer relationship management and fraud prevention. These areas provide a practical context for the acquisition, linking the technology directly to existing banking operations and customer services. The bank said combining the company’s capabilities with its data, expertise and scale would enable the development of increasingly specialized models. It also said the acquisition aligns with its continued development of the generative AI assistant “ia.i.”
The intended uses include interactions more closely tailored to customer context, guidance to help manage personal finances more mindfully, and credit offers suited to each customer’s profile, Exame reported on October 26, citing the bank. Itaú also pointed to new tools to support financial planning for individuals and businesses. These applications place the “ia.i” assistant at the center of the technology integration plan, with scope to expand its role from interaction to providing more tailored guidance and offers. Itaú said the use of data in solutions associated with the deal would continue to follow security, privacy and responsible-use principles. The impact of these applications on customers will depend on their implementation after the deal closes.
Itaú already owns a stake in the company, having invested $15 million in Newspace in early 2025 for a 15% stake, as part of an $18 million funding round, according to Exame. The current agreement would move the bank from minority shareholder to owner of all shares, according to its disclosure. The path to the deal combines an earlier investment and nearly two years of technology collaboration before the agreement for a full buyout. Itaú Chief Executive Milton Maluhy Filho said the bank wants to be among the institutions that “will define the next chapter of the global financial industry.” Newspace Chief Executive Bruno Pierobon said the new phase “will deepen the research work.”
The consideration structure provides for a payment at closing, with the remaining payments deferred over five years, subject to certain conditions, according to Itaú’s disclosure. Closing requires prior approval from Brazil’s antitrust authority, CADE, and the Central Bank of Brazil, as well as satisfaction of customary closing conditions. The disclosure did not specify an expected closing date, leaving full ownership contingent on completing the approvals and meeting the conditions. The bank said Newspace’s management and operations would remain independent of it and that it would retain the company’s current team. The announced arrangement therefore combines a full acquisition of the shares with continued independence of management and operations.
EL7 data showed Itaú shares, listed under the ticker ITUB, closed at $7.7 on October 26, 2026, compared with a close of $9.67 on October 23. These are the closing data available for the two periods; the evidence did not include an intraday price range. The available information does not explain the share move between the two closes or link it to the deal announcement. The next specified step in the transaction remains securing approval from the antitrust authority and central bank, along with satisfying customary closing conditions, with no closing date announced.