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.