Cielo Agrees to Buy Merchant e-Solutions for $670 Million

Cielo SA (CIEL3), Brazil’s biggest card- payment processor, agreed to buy Merchant e-Solutions for $670 million to expand in the U.S.

Merchant e-Solutions processes traditional, e-commerce and mobile payments totaling more than $14 billion a year, Cielo said today in a regulatory filing.

In May 2011, Cielo acquired Braspag - Tecnologia em Pagamento Ltda. to boost its processing of online payments in Brazil.

Cielo fell 47 centavos, or 0.8 percent, to 59.08 reais in Sao Paulo trading on June 29. The stock has rallied 47 percent this year, compared with a 4.2 percent drop for Brazil’s Bovespa index.

To contact the reporter on this story: Helder Marinho in Sao Paulo at hmarinho@bloomberg.net

To contact the editor responsible for this story: Jessica Brice at jbrice1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.