April 29, 2019 / 9:42 PM / 20 days ago

Brazil's Magazine Luiza agrees to buy retailer Netshoes for $62 million

SAO PAULO, April 29 (Reuters) - Brazilian retailer Magazine Luiza SA said in a filing on Monday it agreed to buy online shoe retailer Netshoes Ltd for approximately $62 million.

Magazine Luiza said it would pay $2 a share. Last August, Reuters reported that Netshoes had hired Goldman Sachs to seek an investor to inject cash in the company and restructure its debt. Since its initial public offering two years ago, Netshoes shares have fallen by 85.3 percent. (Reporting by Gabriela Mello in Sao Paulo Editing by Matthew Lewis)

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