Brazil retailer Magazine Luiza to pay $56 million for payments firm Hub

Brazilian retailer Magazine Luiza SA has agreed to buy financial technology firm Hub Prepaid Participações SA for 290 million reais ($56 million), a securities filing showed on Monday.

Magazine Luiza, one of Brazil’s biggest online retailers, said the acquisition will give its clients access to digital accounts for payments, deposits and withdrawals. The deal will require regulatory approval from the central bank and antitrust agency CADE.