Magalu funds KaBuM! deal with share sale

Magalu funds KaBuM! deal with share sale

Equity IPO Brazil M&A Capital Markets Commerce Retail shopping Technology Rule 476

Brazilian retailer Magazine Luiza, also known has Magalu, earned BRL3.98 billion ($764 million) in a follow-on equity offering, raising more than enough money to cover the acquisition of e-commerce company KaBuM!, according to a securities filing. São Paulo-based Magalu issued 175 million new shares for $22.75 each in a restricted offering on the B3 stock exchange, it said in the filing on Thursday. The company had said earlier this month that it expected to raise between BRL3.44 billion and BRL

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