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Confirming reports, Supervielle says will buy InvertirOnline for US$38.5M

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Confirming reports, Supervielle says will buy InvertirOnline for US$38.5M

Grupo Supervielle SA confirmed that it has purchased a 100% stock ownership of InvertirOnline's Argentine operations in a US$38.5 million deal.

The acquisition of the online stockbroker includes InvertirOnline SA and InvertirOnLine.com Argentina SA, the banking group said in a statement.

Deal terms include 240,000 ordinary shares of InvertirOnline's capital stock, each with a par value of 100 Argentine pesos, and 80,451,077 ordinary shares of InvertirOnline.com Argentina's capital stock, each with a par value of 1 centavo.

Earlier reports said that, aside from the initial consideration, Grupo Supervielle's deal with InvertirOnline includes two additional payments based on the latter's 2018 results. The performance-based payouts could bring the total deal value to between 1.20 billion pesos and 1.40 billion pesos, or roughly between $48.8 million and $57.0 million.

InvertirOnline operates in Colombia, Chile, Mexico and the U.S. The firm's operations within Argentina, where it has the largest amount of individual trades on the local stock exchange, amount to around 20 billion pesos annually.

Grupo Supervielle's net income in the first quarter rose 147.6% annually to 722.6 million pesos.

As of May 24, US$1 was equivalent to 24.58 Argentine pesos.