SAO PAULO (Reuters) -Brazilian software company Totvs has agreed to buy StoneCo’s Linx unit in a deal worth 3.05 billion reais ($547.90 million), it said on Tuesday, adding that it expects the move to strengthen its position in the retail segment.
Totvs has shown interest in Linx since 2020, when StoneCo won a bidding war by paying 6.7 billion reais for the retail software developer. In April, Totvs entered exclusive talks with StoneCo to acquire the unit.
Totvs said in a securities filing that the transaction will be financed through its cash reserves and debt instruments yet to be arranged “under favorable market conditions”. The deal requires approval from Brazil’s antitrust watchdog.
($1 = 5.5667 reais)
(Reporting by Gabriel Araujo and Luciana Magalhaes)
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