Bradesco Saude has accepted to take control of OdontoPrev with ZNT Participacoes, which owns 7.56% of OdontoPrev
Bradesco, a Brazilian bank has announced that it has snapped a deal to hold on to 43.5 % stake in the Brazil-based dental insurer, OdontoPrev. The bank intends to share the authority of it with OdontoPrev’s founder and chief executive, reported Reuters.
Bradesco Saude, an insurance division of the bank, has accepted to take control of OdontoPrev with ZNT Participacoes, which owns 7.56% of the dental insurer.
Reportedly, on a joint note, Bradesco Saude and ZNT would take the authority of 51.06% of OdontoPrev. OdontoPrev has generated 533 million reais ($311 million) in annual revenue.
ZNT is owned by Randal Luiz Zanetti, OdontoPrev’s founder and chief executive.
As per the terms of the transaction, Bradesco would select three members to board of directors of OdontoPrev, including its chairman. Also, Zanetti would select three members while the rest two members would be independent.