A PYMNTS Company

Brazil’s Magazine Luiza Buys Hub For $56M

By  |  December 21, 2020

Brazilian retailer Magazine Luiza has agreed to buy financial technology firm Hub Prepaid Participações SA for 290 million reais (US$56 million), a securities filing showed on Monday, December 21.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Magazine Luiza, one of Brazil’s biggest online retailers, stated the acquisition will give its clients access to digital accounts for payments, deposits and withdrawals. The deal will require regulatory approval from the central bank and antitrust agency CADE.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.