By Brazil Stock Guide – Reag Investimentos S.A. (REAG3) announced on Sunday, September 7, 2025, the sale of an 87.38% stake to Arandu Partners Holding S.A., a vehicle controlled by the company’s top executives. The deal was struck for BRL100 million (about US$19.7 million), plus a variable earn-out tied to net revenue over the next five years.
The deal is subject to customary conditions, including a mandatory tender offer to minority shareholders. “This was the most prudent measure to ensure continuity of business and governance without external interference,” said Lucas Dias Trevisan, investor relations officer at Reag Capital Holding.
Context
The ownership reshuffle comes amid Operation Carbono Oculto, launched in late August by Brazil’s tax authority, federal police and prosecutors. The probe targeted a multibillion-real money-laundering scheme tied to organized crime that allegedly used gas stations, fintechs and exclusive investment funds to move illicit resources.
Reag was among the managers cited, with 12 funds linked to the case. The company said it had stepped down from managing some of them before suspicions arose. Even so, the episode increased pressure on founder and controlling shareholder João Carlos Mansur and accelerated talks over his exit.
Mansur is fully leaving Reag Investimentos but will remain involved in other companies of the group, including Ciabrasf, which provides fund administration and fiduciary services.
Founded by Mansur, Reag grew at breakneck speed: assets under management jumped from BRL25 billion to BRL341 billion (US$4.9 billion to US$67 billion) in just five years, making it one of Brazil’s largest independent investment managers.