Magazine Luiza S.A. (MGLUY)
- Reuters
UPDATE 1-Brazil's Magalu inks $200 mln deal with Cardif over insurance business
Brazil's Magazine Luiza SA said Thursday it extended a commercial agreement with insurer Cardif which includes selling it a stake in their insurance venture, in a 1.01 billion-real ($201.87 million) deal which boosted shares. Magalu, as the retailer is popularly known, said it would launch new products and maintain a partnership with Cardif offering insurance to clients through December 2033. As part of the deal, Magalu said Cardif had agreed to buy out its stake in their insurance joint venture known as Luizaseg.
- Reuters
Brazil's Magalu inks $200 mln deal with Cardif over insurance business
Brazilian retailer Magazine Luiza SA said on Thursday it has entered into a new agreement with Luizaseg and insurer Cardif to launch new products and maintain their partnership offering insurance to clients through December 2033. Magazine Luiza, popularly known as Magalu, said it would receive a net 850 million reais ($169.89 million) under the terms of the deal, in addition to monthly commissions and additional payments if certain targets are met.
