Adds shares, particulars SAO PAULO, Oct 23 (Reuters) - Braz
Adds shares, particulars
SAO PAULO, Oct 23 (Reuters) – Brazil shoe retailer Arezzo ARZZ3.SA mentioned on Friday it had reached an settlement to mix its enterprise with trend retailer Reserva, valuing the corporate at 715 million reais ($128 million).
Shares in Arezzo soared greater than 9% after the deal announcement, which marks its entrance into the clothes phase, which is able to enhance its addressable market by 3-1/2 occasions.
Below the phrases of the deal, Arezzo will take over all of Reserva’s shares, whereas Reserva shareholders will find yourself with 8.7% of the shares in Arezzo’s holding firm.
Arezzo mentioned the acquisition is a part of its technique to increase its model portfolio.
The transfer by Arezzo comes regardless of a drop in shoe gross sales because of the coronavirus pandemic.
($1 = 5.5797 reais)
(Reporting by Marcelo Rochabrun and Carolina Mandl; enhancing by John Stonestreet and Jonathan Oatis)
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