China’s Ant Group, Alibaba’s payment affiliate, is acquiring a 5% stake in Brazilian e-marketplace company Dotz, under an agreement to cooperate in multiple areas.
According to a securities filing, both companies have also signed a business cooperation agreement, exploring new opportunities for digital financial services in Brazil.
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.
Huawei ´Uninterested´ in Building Brazil Government´s 5G Private Network
Dotz has just launched an initial public offering of roughly 815 million reais (USD 146.35 million) and plans to start trading on the Sao Paulo stock exchange on May 13.
The Brazilian company 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.
Other articles
Deputados Brasileiros Aprovam Projeto que Altera Acordo com a China para Evitar Dupla Tributação
