CETIP Rallies On Auto Purchase

CETIP Rallies On Auto Purchase


Brazil’s CETIP has acquired local auto-finance registration company GRV for BRL2.0bn. The acquisition of one of the largest providers of financial product registration in Brazil will nearly double the size of CETIP, a financial clearing house, says the buyer. CETIP stock closed up 4.88% to end Thursday at BRL21.50 on news of the transaction, after rising as high as 12% earlier in the day. Analysts describe the deal as accretive and positive for CETIP, despite paying 10.6x estimated 2010 Ebitda,

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