Totvs raises money for acquisitions

Totvs raises money for acquisitions

M&A Equity Corporate & Sovereign Strategy Capital Markets Asset Management Brazil

Brazil's Totvs said it plans to use the money from an upcoming share sale to fund future acquisitions. "As we have been saying from the beginning of my tenure here, M&A is back in the deck," CEO Dennis Herszkowicz said during a conference call to discuss the firm's first quarter results. Totvs intends to sell at least another 20m shares on the B3 stock market in São Paulo, although it could increase the offer by 7m shares, the company said in a securities filing. Totvs stands to earn as m

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