MercadoLibre Bags DeRemate

Internet trading site MercadoLibre has agreed to purchase the operations of rival DeRemate in Argentina, Chile, Colombia and Mexico for $40m. Under the terms of the agreement, MercadoLibre will acquire DeRemate for $22m in cash and issue a promissory note to DeRemate for the remaining $18m, MercadoLibre says. “The combination of marketplaces would mean greater product offerings, increased liquidity and additional buyers and sellers on our websites,” the company says.