Ant Group agrees to invest in Brazil loyalty co Dotz
Reuters
Published Apr 22, 2021 04:31
SAO PAULO, April 21 (Reuters) - China's Ant Group 688688.SS has sealed a deal to acquire a 5% stake in the Brazilian loyalty program Dotz, according to a securities filing on Wednesday.
Dotz and Alibaba (NYSE:BABA)'s payment affiliate Ant Group have also signed a business cooperation agreement, in which both companies explore, for instance, new opportunities for digital financial services in Brazil.
Dotz has just launched an initial public offering of roughly 815 million reais ($146.35 million) and plans to start trading on the Sao Paulo stock exchange on May 13.
Dotz set its price range between 16.20 reais and 21.40 reais per share. If it prices the IPO at the top of the range, Dotz may be valued at up to 3 billion reais.
The Brazilian company said the deal depends on the conclusion of the IPO.
According to the deal terms, Ant will appoint an executive to Dotz's board of directors, as well as the co-head of the company's committee of strategy.
Ant Group will also have an option to buy an additional 10% stake in Dotz in up to 24 months after the IPO.
Founded nearly 20 years ago, Dotz has 20 million active users. Besides a loyalty program, it is a marketplace and a financial startup.
BTG Pactual, Itau BBA, Credit Suisse (SIX:CSGN) and UBS BB are managing the IPO. ($1 = 5.5687 reais)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.