Ant Financial to Buy $100 Million in Shares of Brazil Credit Card Processor

[TaiShang]

Oct 23, 2018 08:10 PM

Ant Financial to Buy $100 Million in Shares of Brazil Credit Card Processor

By Jason Tan

Ant Financial Services Group will pay $100 million for shares of StoneCo Ltd. within 30 days of the latter’s listing on the Nasdaq Stock Market. Photo: VCG


Ant Financial Services Group is buying $100 million worth of shares in the Brazilian credit card processor StoneCo Ltd., which has applied for a U.S. listing, as the fintech giant joins the rush of Chinese firms tapping into the South American nation’s recovering economy.

Ant Financial, an affiliate of e-commerce juggernaut Alibaba Group Holding Ltd., which operates China’s top two mobile payment platforms, has agreed to buy StoneCo’s shares at their initial public offering price within 30 days of the offering, StoneCo said in a regulatory filing to the Nasdaq Stock Market on Monday.

The card processor has indicated an offering price of between $21 and $23 per share, and said it expects to raise $1.06 billion in net proceeds from the offering and the Ant Financial placement.

https://www.caixinglobal.com/2018-1...-back-with-privatization-offer-101338093.html