Business

Brazil's Lojas Americanas acquires 70% of retail group Uni.co, which was planning an IPO

The deal sets the acquisition of the remaining 30% within 3 years; Grupo Uni.co owns the retail brands Puket and Imaginarium

Photo: Reuters/Sergio Moraes
Ler em português
  • Financial terms were not disclosed;
  • Grupo Uni.co, owner of the retail brands Puket and Imaginarium, had filed for an IPO in October, looking for resources to acquire new businesses, but gave up on the plan due to stock market volatility;
  • The deal sets the acquisition of the remaining 30% in 3 years;

Lojas Americanas announced on Tuesday that it had agreed to acquire a 70% stake of Grupo Uni.co, owner of the retail brands Puket and Imaginarium.

The deal sets the acquisition of the remaining 30% in 3 years.

Controlled since 2012 by the management company Squadra Investimentos, Grupo Uni.co has a network of over 440 franchises, in addition to digital channels.

READ ALSO: Towards self-sufficiency? Brazil’s Lojas Americanas to inaugurate two new solar generation plants

Last October, the company filed for an initial public offering, seeking resources to acquire new businesses, invest in technology and strengthen working capital. However, the plan was not confirmed, since the volatility of the domestic stock market in the last few months has hindered its goal and that of at least two dozen other Brazilian companies that intended to do the same

Puket is a children’s and adult fashion and accessories brand, while Imaginarium has a chain of creative design and gift stores.

In a statement, Lojas Americanas said the acquisition could expand its assortment in fashion, accessories, gifts and design segments. The value of the transaction was not disclosed.

Translated by LABS

Get the best insights about Latin America market in your inbox