Lojas Americanas To Buy Submarino

Brazilian retailer Lojas Americanas is to buy local internet retailer Submarino to create a new internet business valued by analysts at around $3 billion. Lojas will merge its internet business Americanas.com with Submarino to create B2W, or Companhia Global de Varejo. It will take a 53.25% controlling stake in the new company. Neither Lojas nor Submarino revealed how much the deal was worth.