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Brazil's Cielo signs service deal with credit card company for 100M reais

Brazilian payment processor Cielo SA said it signed a service agreement with credit card services company Elo Serviços SA for 100.0 million reais.

The contract, which has an indefinite term, will allow Cielo to provide payment capture, processing and routing services to Elo.

The deal was made between related parties since Cielo and Elo have Banco do Brasil SA and Banco Bradesco SA in their controlling block, either directly or indirectly.

As of Sept. 6, US$1 was equivalent to 4.06 Brazilian reais.