STXNEWS LATAM-Santander Brasil makes proposal to buy out acquirer GetNet
Banco Santander Brasil SA, Brazil's largest foreign lender, made public on Monday an intention to buy out acquirer GetNet Tecnologia SA from the company's controlling shareholder, according to a securities filing. The bank, a subsidiary of Spain's Banco Santander SA, signed a memorandum of understanding with Ernesto Corrêa da Silva to explore a potential purchase of his stake in GetNet, which has about 5 percent of Brazil's $320 billion merchant acquiring market, as the card payment processing industry is known.
"The transaction will allow Santander Brasil to capture all potential opportunities that merchant acquiring could bring about through innovation and technology. This leverage will be a strategic tool to imporve the bank's positioning in retailing and commerce," the filing, signed by Santander Brasil's Chief Financial Officer Carlos Alberto López Galán, said.
The bank did not disclose terms of its proposal to Corrêa da Silva. Units of Santander Brasil, a blend of the bank's common and preferred shares that is the lender's most widely traded class of stock, rose 1.1 percent to 13.08 reais on Monday.