Spanish online apparel retailer Privalia puts Brazilian ops for sale -source

1 minute read
Register now for FREE unlimited access to

SAO PAULO, Nov 26 (Reuters) - Spanish fashion online retailer Privalia has put its operations in Brazil up for sale, a source with knowledge of the matter said on Friday.

The source said the company wants to raise around 1 billion reais ($179 million) with the sale and has hired the investment banking unit of Itau Unibanco Holding SA .

Privalia and Itau did not immediately respond to requests for comment.

Register now for FREE unlimited access to

Privalia was preparing an initial public offering in Brazil, but gave up due to market conditions earlier this year. Brazilian newspaper Valor Economico reported the potential sale of the Brazilian operations earlier on Friday.

The company, founded in 2006 in Barcelona, has among its investors La Caixa Capital Risc, Nauta Capital, Highland Partners, General Atlantic, Insight Venture Partners, Index Venture and Sofina, according to its website.

($1 = 5.60 reais)

Register now for FREE unlimited access to
Reporting by Tatiana Bautzer; Editing by Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters