Movida makes first acquisition abroad

Movida makes first acquisition abroad

Corporate & Sovereign Strategy Equity M&A Brazil Portugal Capital Markets Commerce

Brazilian car rental company Movida has agreed to pay €66 million ($64.9 million) to buy Portuguese counterpart Drive On Holidays in its first acquisition abroad, according to a securities filing. Movida paid €52.5 million upfront for Drive On Holidays and held on to €2.5 million for "possible indemnification," holding company Simpar said in a filing on Wednesday. The deal assigned Drive On Holidays an equity value of €55 million and also included €11 million in debt, Simpar added. "The transact

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