Mubadala seeks liquidity partners for new Brazil bourse

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, is in talks to form a consortium with up to 10 partners providing liquidity for a new stock exchange in Rio de Janeiro, two people familiar with the matter said.

In return, those partners would receive equity that would modestly dilute Mubadala’s current 73 percent stake in the planned bourse, to be called the Base Exchange, the sources said, noting that the fund would remain as the controlling investor.

Mubadala did not immediately respond to a request for comment.

The sovereign wealth fund has been working with independent advisory firm Olimpia Partners for several months to structure the deal, although no contract has been signed yet, the sources said. Ideally, the consortium would be formed of six to 10 members.

Olimpia declined to comment.

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The new exchange, which would be the country’s second once operational, expects regulatory approval by year-end before launching in early 2026 to challenge the dominance of São Paulo-based B3.

The planned bourse has received backing from Rio Mayor Eduardo Paes, who has signed a law reducing the service tax on stock exchange activities from 5 percent to 2 percent.