Cielo Falls After $670 Million U.S. Purchase: Sao Paulo Mover
Cielo SA (CIEL3), Brazil’s biggest card- payment processor, fell after saying it agreed to buy Merchant e-Solutions for $670 million to expand in the U.S.
Cielo declined 0.6 percent to 58.70 reais at the close of trading in Sao Paulo, after earlier retreating as much as 2.3 percent. The benchmark Bovespa index jumped 0.6 percent.
Merchant e-Solutions processes traditional, e-commerce and mobile payments totaling more than $14 billion a year, Cielo said today in a regulatory filing.
Cielo has risen 46 percent this year, the second-best performer on the Bovespa, which lost 3.6 percent in the same period.
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