Sao Paulo – A subsidiary on the Sao Paulo Stock Exchange, seven months after its trading debut, Spain’s Banco Santander SA may take over Brazilian payment company Gatnet, a securities filing showed late Thursday.
Getnet, a direct associate of Santander’s PagoNxt Merchant Solutions, said its regulatory shareholder wanted to purchase all outstanding shares of the company and take it personally.
The move would apply to shares and units listed in Brazil and to American Depository Shares (ADSs) traded on Nasdaq, Gannett said, without giving a reason.
The company, officially known as Getnet Adquirencia e Servicos para Meios de Pagamento SA, launched its business in October 2021 with a market value of 7.3 billion races.
Getnet said its regulator would offer 2.36 reais per ordinary or preferred share per shareholder and 4.72 reais per unit for purchase of outstanding stock, a 29.3% premium to Thursday’s 3.65 reais per unit closing price.
Shares of Gatnet, once part of Brazil’s main stock index Bovespar, have fallen 33.7% since the start of trading. (Reporting by Andre Romani; Writing by Gabriel Araujo; Editing by Paul Simao)