December 19, 2018 / 11:38 AM / a month ago

Santander Brasil pays $367 million to take over card processor Getnet

SAO PAULO (Reuters) - Santander Brasil (SANB11.SA) has become the sole owner of card processor Getnet Adquirencia e Servicos para Meios de Pagamento S.A. after buying an outstanding 11.5 percent stake in the firm for 1.43 billion reais ($367.29 million), it said on Wednesday.

The bank’s full takeover of Getnet could add fuel to already fierce competition in the card processing sector, as it could make more aggressive offers to its customers.

Minority shareholders Manzat Inversiones AAU SA and Guilherme Alberto Berthier Stumpf exercised an option to sell their shares to Santander Brasil, the bank said in a securities filing.

Getnet holds a 14 percent market share in the card processor sector, competing with Cielo SA (CIEL3.SA), Rede SA and upstarts PagSeguro Digital Ltd (PAGS.N) and StoneCo Ltd (STNE.O).

Reporting by Carolina Mandl; editing by Jason Neely and Jan Harvey

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