SAO PAULO/RIO DE JANEIRO (Reuters) – The boards of Brazilian retailers Lojas Americanas SA and B2W have approved a transfer of assets of Lojas Americanas to B2W, according to filings.
Although the markets expected a merger between B2W and Lojas Americanas, the transaction announced on Wednesday will keep both companies operating and listed separately.
The companies said in February they were considering merging their operations.
B2W will receive assets currently owned by Lojas Americanas, valued at 6.3 billion reais ($1.18 billion) by XP Investimentos, which was hired to appraise the assets.
Shareholders in Lojas Americanas will receive 0.18 B2W common share as payment for the asset transfer. B2W will change its name to Americanas, the company said.
The reorganization needs to be approved by shareholders in both companies.
Together, the companies have about 1,700 physical stores in 750 cities across Brazil and an online marketplace with more than 87,000 sellers.
Lojas Americanas also said in the filings it is considering the creation of a holding company that could be listed in the United States. It said it did not yet have the details of how such a transaction could be done.
($1 = 5.3425 reais)
Reporting by Sabrina Valle in Rio de Janeiro and Tatiana Bautzer and Alberto Alerigi in Sao Paulo; Editing by Chris Reese and Peter Cooney
