After a lengthy process, the fate of Warren Investimentos has been decided. Cocos Capital, an Argentinian financial platform, has agreed to acquire the assets of the independent brokerage firm, which has over R$20 billion under custody, according to NeoFeed .

The agreement includes the infrastructure of the former brokerage firm Renascença, now Warren Rena, as well as its asset management and capital markets operations.

The deal stipulates that Warren's main investment funds, such as Kaszek , will become shareholders of Cocos Capital. The financial terms of the agreement could not be determined.

The transaction also includes the separation of certain Warren assets, with the platform's founders pursuing a separate initiative focused on technology and distribution.

The transaction marks Cocos Capital's entry into Brazil. Founded in 2021 by entrepreneurs Nicolás Mindlin and Ariel Sbdar, the digital investment platform has approximately 2 million clients in Argentina, offering foreign exchange operations and investment funds.

Warren began talks early last year to initially find a strategic partner to leverage the operation, as NeoFeed revealed at the time.

At the time, Warren's partners assessed that being within a robust ecosystem would be important to remain competitive in the market, at a time when compliance and regulatory costs were increasing. Up to that point, the company had a total of six investment rounds totaling almost US$105 million in funding.

In September, Warren decided to organize talks with potential interested parties, hiring the M&A boutique Seneca Evercore .

The decision was made after the company had a series of talks without a proposal being presented. The main interested parties wanted control, which Warren's partners were unwilling to relinquish until then.

Faced with the impasse, Warren's controllers began to consider selling the company, depending on the offer.

Created in 2017 by Tito Gusmão , CEO and founding partner, together with André Gusmão, Kelly Gusmão, Rodrigo Grundig and Marcelo Maisonnave, Warren reached its breakeven point in 2023.

Contacted by NeoFeed , Warren did not respond to requests for comment.