Localiza aims for Unidas takeover

Localiza aims for Unidas takeover

M&A Corporate & Sovereign Strategy Equity Brazil Latin America

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

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