SAO PAULO (Reuters) – Banco Pan announced this Sunday that it has signed an agreement to incorporate Mosaico, the owner of price comparison sites, without revealing the value of the operation, which will be all paid in exchange for shares.
Mosaico, owner of Zoom, Buscapé and Bondfaro websites, debuted on B3 in February with an initial public offering (IPO) of 1.2 billion reais.
“We have always had a lot of admiration for Mosaico (…) We are convinced that together we can build something much bigger,” said Carlos Guimarães, president of Banco Pan, in a statement.
At the time, Mosaico stated that it would use part of the proceeds from the offer to pay a debt with BTG Pactual, the main shareholder of Banco Pan.
With the transaction announced this Sunday, Mosaico’s biggest shareholders will become Pan executives and will have a deadline to sell the shares received for a period of 18, 24 and 30 months (1/3 on each date).
According to the relevant fact, the new marketplace is born with 4.2 billion reais in gross sales (GMV) per year and 400 stores. Pan will launch a credit card in partnership with cashback and will integrate the business with the Mobiauto platform (newly purchased).
“The banking business has a very large natural recurrence and this is the holy grail of e-commerce,” said Guilherme Pacheco, co-founder and chairman of Mosaico’s board of directors, in the document.
(By Aluísio Alves)
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