Brazil's Magazine Luiza to buy Netshoes for $114.9 million; shares rise

Brazilian retailer Magazine Luiza SA said shareholders of online sports retailer Netshoes Ltd had approved its bid for the company at $3.70 per share, according to a securities filing on Friday.

The company, which had been competing with rival retailer Grupo SBF to buy Netshoes over the past few days, said the $114.9 million transaction would be concluded by June 19.

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Magazine Luiza’s shares rose 2% on the São Paulo Stock Exchange.