Key Facts

—The trigger. HBR Realty filed on July 3 to take fellow builder Helbor private and off the B3 exchange.

—The price. The share-swap offer values Helbor at about 2.52 reais a share, near its market price.

—The collapse. Helbor’s stock is down about 95 percent from its 2013 peak near 50 reais.

—The count. The B3 had only about 358 listed companies at the end of 2025.