Corporate Profile and History

Corporate Profile and History

Corporate Profile

PPLA Participations is an investment vehicle constituted to carry out various investments in equity positions, including several investments overseas and some investments in Brazil. PPLA Participations is a general partner of PPLA Investments, the vehicle through which investments are made.

Business Units
  • Principal Investments. Equity investments in a wide range of financial instruments, including investments in Merchant Banking and real estate investments mainly in Brazil as well as investments in several financial instruments in the global market.
  • Private Equity. Private equity refers to the management of private equity funds, which are investments in privately-held or publicly-held companies for which shares can not be freely traded on stock exchanges, with capital financed by qualified third-party investors and by the Company itself

PPLA Participations was constituted on March 26, 2010, in Bermuda, as a limited liability company, created for an indeterminate period, already with the goal of being the market investment vehicle through PPLA Investments, which, in turn, was constituted in October 2008.

On March 31, 2010, certain corporate reorganizations and acquisitions were carried out, after which PPLA Investments held an indirect control over most Merchant Banking companies of Banco BTG Pactual‘s partners and, therefore, PPLA Investments should consolidate these companies’ assets, liabilities and operating results in its financial statements.

In December 2010, the Members of the Consortium directly or indirectly acquired Class D Shares issued by PPLA Participations and Class D shares issued by PPLA Investments, which corresponded to 16.0% of PPLA Investments‘ total capital stock, before the conclusion of the initial public offering.

On July 25, 2011 the Central Bank of Brazil approved a corporate restructuring through which companies which until then were subsidiaries of PPLA Investments, responsible for managing the international platforms of the BTG Pactual Group in London, New York and Hong Kong, were transferred to Banco BTG Pactual, increasing the segregation between PPLA Investments and Banco BTG Pactual. These transfers were carried out based on their book value, totaling US$188.1 million.

In April 2012, the BTG Pactual Group concluded its initial public offering of units on the BM&FBOVESPA and Alternext Amsterdam. In October 2013, BTG Pactual Group‘s units stopped being traded on the Alternext segment of the NYSE Amsterdam and began being traded and listed on the Euronext segment of the NYSE Amsterdam, due to a migration which had already been previously agreed with the European regulators at the time of the initial public offering of BTG Pactual Group‘s units. No new shares or units were offered or issued in the scope of this migration.

In February 2017, two new unit programs were approved (“New Unit Programs”) – and the respective units began being traded on B3 S.A. – Brasil, Bolsa, Balcão as of February 16, 2017, inclusive – composed exclusively by securities of each of the Companies, namely: (i) units traded under ticker BPAC11, composed of one common share and two class A preferred shares issued by the Bank (“BPAC11 Units”) and (ii) units traded under ticker BBTG12, composed of one Brazilian Depositary Receipt (“BDR”) representative of one class A share and two BDRs, each representative of one class B share, issued by BTGP (” BBTG12 Units” and, jointly with the BPAC11 units, ” BPAC11 and BBTG12 Units”).

On August 4, 2017, the automatic migration of all the remaining holders of BBTG11 units was approved to the segregated trading structure of each Company, i.e. each holder of a BBTG11 unit automatically holds, as of the beginning of the trading session of August 21, 2017, one BPAC11 unit and one BBTG12 unit for each BBTG11 unit previously held.

On September 6, 2017, the Extraordinary Shareholders’ Meeting approved the reverse stock split of Class A and Class B shares issued by the Company, at a ratio of 9 to 1, to become effective on September 8. As of the trading session of September 11, 2017, the unit and the BDRs backed by shares issued by the Company are now traded under the new name of the “PPLA” trading session and the unit and BDRs tickers backed by shares issued by the Company changed from “BBTG12” unit to “PPLA11”. The composition of each unit remained the same: 1 class A BDR and 2 class B BDRs.