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Brazil's Cielo unit nears completion of Stelo purchase

Brazil-based Cielo SA said that its subsidiary Alianca Pagamentos e Participacoes Ltda. has met all conditions to complete its acquisition of a 70% stake in Stelo SA.

Alianca Pagamentos e Participacoes now has five business days, starting from Sept. 6, to complete the deal, which is currently valued at 87.5 million Brazilian reais.

The Cielo unit already held 30% of Stelo's shares and will hold a 100% stake in the company once the deal is concluded.

Stelo offers e-commerce payment processing services.

As of Sept. 7, US$1 was equivalent to 4.06 Brazilian reais.