Grupo Supervielle SA has reached an agreement to acquire stockbroker InvertirOnLine.com Argentina SA for at least 1.00 billion Argentine pesos, according to several local media reports.
The deal includes a 1.00 billion peso initial consideration, as well as two additional payments based on the firm's 2018 results, both El Cronista and Clarín reported May 24 citing anonymous sources close to the deal. Those performance-based payouts could bring the total deal value to between 1.20 billion and 1.40 billion pesos, El Cronista said.
La Nación also reported on the deal without citing sources.
InvertirOnline operates in Colombia, Chile, Mexico and the U.S. However, the newspapers said that the deal only entails the Argentine operations. 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.
Goldman Sachs Group Inc. along with Brazil's Itaú Unibanco Holding SA and XP Investimentos SA were reportedly competing to buy the firm.
As of May 23, US$1 was equivalent to 24.46 Argentine pesos.
