A PYMNTS Company

Brazil’s Magazine Luiza Buys Hub For $56M

 |  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.

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.