Magazine Luiza announces the purchase of Netshoes.

Magazine Luiza announced this Monday (29) an agreement to buy Netshoes for around US$ 62 million (around R$ 245 million), transforming the e-commerce company into a subsidiary of the group and reinforcing its bet on online retail.

The company stated that the agreement set the price at US$2 per Netshoes share, which closed this session quoted at US$2.65 on the New York Stock Exchange, a 3.9% increase. Magazine Luiza's stock fell 0.25%.

According to Magazine Luiza, Netshoes shareholders will receive the acquisition value in cash.

Netshoes will be acquired by a subsidiary of Magazine Luiza created in the Cayman Islands, the retail chain stated.

The agreement was announced on the same day that Netshoes finalized a deal to sell its operations in Argentina to the BT8 group, for an undisclosed amount.

The Brazilian B2B e-commerce giant confirmed on April 11 that it was discussing a potential acquisition of Netshoes, which had hired Goldman Sachs last year to find a new partner to inject capital into the company.

Netshoes went public on the New York Stock Exchange in 2017, pricing its shares at US$18. At the time, the company raised approximately US$140 million with the operation. In 2018, up to the third quarter, the company accumulated a net loss of R$241.5 million, compared to a negative R$120.6 million in the same period of the previous year.