Brazil’s Banco PAN Acquires Mosaico

Brazil’s Banco PAN, controlled by BTG Pactual, announced that it acquired Mosaico, owner of search site Buscapé, Bondfaro.com and Zoom for an undisclosed cash amount plus shares of Banco PAN.

Brazil’s Banco PAN acquires Mosaico, owner of search site Buscapé, Bondfaro.com and Zoom for an undisclosed cash amount plus shares of Banco PAN.

Banco PAN is paying a premium of 27% on the closing value of Mosaico’ shares as of October 1st., but according to sources, the premium can be as high as 43% if price of the bank’ shares closes higher than BRL $24.00 per three connective days in the next thirty days. As part of the transaction Mosaico’s shareholders will receive 0,80 shares of Banco PAN plus a subscription bonus of face value of BRL $4.00 to be paid in shares of Banco PAN.

The move underscores the recent strategy among banks of having their own marketplace to sell goods while also offering financial services to engage clients. SoftBank-backed Banco Inter SA has already launched a marketplace and Banco Bradesco SA has unveiled plans to create one.

Banco BTG Pactual S/A, which is a controlling shareholder in Banco Pan, is already a shareholder in Mosaico, with a 13.3% stake. The tech company also forged a five-year partnership with BTG in January to offer cashback to the bank’s clients.

The Esquires

Machado, Meyer, Sendacz e Opice Advogados acted as legal counsel to Banco PAN.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados acted as legal counsel to Mosaico and Morgan Stanley acted as its financial adviser.