Brazil's B2W buys Tegma logistics unit for $57 mln
The 8M unit of B2W, e-commerce subsidiary of Lojas Americanas SA, struck a deal to acquire Tegma's Direct Express Logistica, according to a Monday filing.
The deal comes two weeks after B2W shareholders approved the sale of 2.38 billion reais in new stock, up to half of which will be subscribed by investment firm Tiger Global Management, giving the Brazilian retailer firepower to defend its share of the booming e-commerce market.
Tegma shares rose 11.8 percent in early Monday trading in Sao Paulo to 20.14 reais, while B2W slipped 0.8 percent to 31.65 reais.
$1 = 2.23 Brazilian reais
© Thomson Reuters 2016 All rights reserved.