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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Magazine Luiza S.A.    MGLU3   BRMGLUACNOR2

MAGAZINE LUIZA S.A.

(MGLU3)
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Magazine Luiza S A : Notice to the Market - Hub Fintech Acquisition

12/21/2020 | 07:21am EDT

MAGAZINE LUIZA S.A.

Publicly-held Company

Corporate Taxpayer ID: 47.960.950/0001-21

Company Registry (NIRE): 35.3.0010481.1

NOTICE TO THE MARKET

Magazine Luiza S.A. ​("Company​" or "Magalu​"), announces to its shareholders and the market in general that its subsidiary, Magalu Payments, has entered into a contract for the acquisition of 100% of ​Hub Prepaid Participações S.A. ("Hub Fintech" or "Hub"), ​and its subsidiaries and affiliates, for the amount of R$ 290 million. The conclusion of the acquisition is subject to certain conditions precedent, including approval by the Administrative Council for Economic Defense (CADE), the Brazilian antitrust regulator, and by the Brazilian Central Bank (Bacen).

Hub Fintech, which began operations in 2012, is a payment institution regulated by the Brazilian Central Bank and fully integrated with the Brazilian Payment System (SPB) and the recently launched PIX instant payment system through its subsidiary, Hub Payments S.A.. In addition to offering a digital account and prepaid card directly to its customers, Hub is one of the largest Banking as a Service (BaaS) platforms in Brazil and a leader in prepaid card processing, serving customers in various segments including the retail, mobility, financial institution and fintech sectors.

Important solutions developed by Hub's 250 employees include: (i) the complete banking structure for offering financial products and services through a digital account; (ii) a direct connection with relevant market participants, including lottery agencies and ATMs; (iii) a robust API platform capable of processing and reconciling millions of transactions; (iv) a comprehensive system for issuing and processing prepaid cards of the main brands, and (v) a modern card personalization center with a production capacity of up to 30 million cards per year.

Hub has around 4 million active digital accounts and prepaid cards, which handled approximately R$ 6.6 billion in Total Payment Volume (TPV) the last 12 months, generating gross revenue (unaudited) of around R$ 159 million during the period.

After integration, MagaluPay customers - individuals and companies - will have one of the most comprehensive offerings of financial products and services in the market, free of charge and fully integrated with the Magalu SuperApp. With the digital account, customers will be able to make purchases, deposits, transfers (P2P, TED, DOC and PIX), payments (monthly utility bills and taxes as well as popular local payment methods such as Boletos and PIX), withdrawals (lottery agencies, ATMs and Magalu stores) and services such as prepaid cell phone refills and transportation vouchers. In addition, customers will have a prepaid card tied to their digital account balance, enabling transactions in the physical world.

The acquisition was made by a company controlled by Magalu, with no impact on the procedures described by Art. 256 of Law 6,404 / 76. The Company will keep its shareholders and the market in general duly informed, under the terms of the applicable legislation.

São Paulo, December 21st, 2020

Roberto Bellissimo Rodrigues

Chief Financial Officer and Director of Investor Relations

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Magazine Luiza SA published this content on 21 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2020 12:20:00 UTC


© Publicnow 2020
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Financials
Sales 2021 37 544 M 6 606 M 6 606 M
Net income 2021 779 M 137 M 137 M
Net cash 2021 1 616 M 284 M 284 M
P/E ratio 2021 202x
Yield 2021 0,12%
Capitalization 140 B 24 782 M 24 644 M
EV / Sales 2021 3,69x
EV / Sales 2022 3,09x
Nbr of Employees 40 000
Free-Float 41,4%
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Technical analysis trends MAGAZINE LUIZA S.A.
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 28,31 BRL
Last Close Price 21,67 BRL
Spread / Highest target 60,1%
Spread / Average Target 30,6%
Spread / Lowest Target -7,71%
EPS Revisions
Managers and Directors
NameTitle
Frederico Trajano Inácio Rodrigues Chief Executive Officer
Roberto Bellissimo Rodrigues Chief Financial Officer & IR Officer
Luiza Helena Trajano Inácio Rodrigues Chairman
André Fatala Chief Technology Officer
Fabrício Bittar Garcia Vice President-Operations & Commercial
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