Brazil's Cielo selling off US e-commerce platform for up to $290M

Brazilian payment platform Cielo SA, through subsidiary Cielo USA Inc., is fully selling off its shares in U.S. electronic commerce firm Merchant e-Solutions Inc. to Sam I Acquisition Corp.

The deal, valued at up to $290.0 million, is split into an up-front payment of $140 million and a subsequent payment of up to $150 million, the final value of which depends on certain conditions.

The sale is part of Cielo's plan to focus more on its Brazilian business, according to a press release.

Cielo first acquired Merchant e-Solutions in 2012.