July 2 (Bloomberg) -- Cielo SA, 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.
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