Investment holding company Criteria CaixaCorp, S.A. (BMAD: CRI) will acquire 20 percent of Carlos Slim's Grupo Financiero Inbursa SA.
The acquisition is worth of 1.5 billion euros ($2.4 billion) and is aimed at economic expansion in Mexico.
Criteria will pay 38.5 pesos ($3.71) a share for the holding as it takes part in a bigger stock sale by Mexico City-based Inbursa.
The stake will also become a stimulus for expansion in the Americas. The unit is also planning to invest in Asia and central and eastern Europe as well as in Spanish-speaking countries.
The Slim family will keep the majority of the capital and the management. The transaction is due to close before the end of the year.
Criteria CaixaCorp is controlled by a Spanish savings bank La Caixa. In 2007 the Criteria CaixaCorp initial public offering was the largest-ever in Spain. The company was promoted to the IBEX 35 index in January 2008.