September 24, 2020 |
Brazilian car rental company Localiza said Wednesday that it agreed to buy smaller rival Unidas in an all-share deal that could be worth BRL11.8 billion ($2.11 billion).
Localiza said it will exchange 0.44682380 common share for each common share in Unidas, which will it give it 76.9% of the merged company, according to a securities filing.
Based on Localiza's closing price of share on Tuesday, Unidas' shareholders will receive BRL23.28 per share, equal to a premium of 9.1% on the closing price
Brazilian car rental offers to pay roughly $2.1 bln in an all-share deal for its smaller rival