Brazil's Infracommerce buys rival Synapcom in $225 mln stock and cash deal

Reuters
·1 min read

SAO PAULO, Sept 27 (Reuters) - Brazilian e-commerce platform Infracommerce said it had signed a contract to acquire its rival Synapcom Comercio Eletronico SA for about 1.2 billion reais ($225 million) in a stock and cash deal.

The company will pay 773 million reais ($144.89 million) in cash and 27 million in new shares in Infracommerce. Given Friday's closing price of 16.10 reais for Infracommerce shares, issuing 27 million new shares would total 434.7 million reais.

The company said in a securities filing late on Sunday the deal represented the end of its strategic plan to use proceeds from an initial public offering (IPO) concluded in April, in which it had raised about 2 billion reais.

Infracommerce said Synapcom had an annual recurring revenue estimated at 275 million reais and a portfolio of more than 60 clients, including Samsung and Phillips.

($1 = 5.3349 reais) (Reporting by Gabriel Araujo; Editing by Edmund Blair)