SHANGHAI - Chinese conglomerate Fosun International Limited announced Tuesday it had acquired a Brazilian institutional brokerage and wealth management firm.

Fosun said it would pay about $52 million for the acquisition of Guide Investimentos, based in Sao Paulo, and up to an additional $37 million depending of the company's future performance.

Guide Investimentos, founded in 1967, was a subsidiary of a Brazilian bank, Banco Indusval. The bank will continue to own up to a 20-percent stake in Guide Investimentos after the transaction.

Shanghai-based Fosun said the purchase is in line with the company's strategy to invest in emerging countries, especially in Latin America. In 2016, Fosun purchased Brazilian asset management company Rio Bravo.

The acquisition of Guide Investimentos will help Fosun build a financial group platform in Brazil, serving the country's customers with richer investment products and services.

Completion of the acquisition is pending approval from the Central Bank of Brazil.