202019 Nov

Brazils Linx set to be acquired by StoneCo for $1.28 billion


Shareholders of Brazilian software firm Linx have agreed to back an acquisition offer from NASDAQ-listed payments processor StoneCo. The approval of 63% of Linxs shareholders for the takeover offer ends a bidding war that saw StoneCo competing with Brazilian ERP giant Totvs since August. After sealing the deal, StoneCo will use the acquisition to evolve into an integrated provider of systems and payment services. In addition, the combined group will also allow StoneCo to move beyond its current small and medium-sized client base and win over business from the large companies Linx already serves. The operation now requires regulatory and antitrust approvals: the payments processor expects the analysis should take between three to six months.

Source: Zdnet