- The proposal was already accepted by shareholders representing 79.33% of the total share capital of Vindi;
- The deadline for acceptance of the proposal by Vindi’s shareholders expires on December 5.
Brazilian Locaweb, which operates web services, announced it has formalized a binding proposal for the acquisition of 100% of Brazilian Vindi‘s total share capital. Vindi offers solutions in the subscription model and combines recurring billing software with a payment platform.
It is the third acquisition after Locaweb’s IPO, in February. Last month, the company acquired Social Miner and Etus.
According to Locaweb’s CFO, Rafael Chamas Alves, the proposal was already accepted by shareholders representing 79.33% of the total share capital of Vindi, including the three founding shareholders who are also the main Vindi executives.
For the proposal, Vindi was valued at BRL 180 million, considering an acquisition of 100% of its total share capital (on a fully diluted), net debt equal to zero, and working capital at normal levels.
The closing price will be also subject to debt adjustments and working capital, usual in this type of transaction, and the founding shareholders will have the right to receive any earnout, depending on the achievement of certain financial targets based on Vindi’s revenue net operating income, as Alves told.
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The deadline for acceptance of the proposal by Vindi’s shareholders expires on December 5. The conclusion of the transaction may involve an acquisition participation between 79.33% and 100% of Vindi’s total share capital (on a fully diluted basis) and is subject to the terms, conditions, and rights provided for in the shareholders’ agreement currently in force.
