Shares of Brazilian digital fraud prevention company Clearsale rallied after Irish credit bureau Experian agreed to acquire the company for BRL2 billion ($370 million).
Clearsale’s shares soared 11.7% to BRL9.55 ($1.75) on São Paulo’s B3 stock exchange on Friday following the announcement.
Under the deal, Clearsale’s shareholders will receive BRL10.56 per share from the Dublin-based firm’s Brazilian subsidiary Serasa Experian, equivalent to a 23.5% premium on Thursday’s closing. Shareholders have the choice of receiving cash, shares or a combination of both, according to a securities filing.
Clearsale’s chairman and founder Pedro Paulo Chiamulera will receive $100 million as part of a five-year non-compete agreement, the filing said.
Experian entered the Brazilian market with the acquisition of local credit bureau Serasa in 2007, and last year it acquired the anti-fraud software developer AllowMe from aircraft manufacturer Embraer for $45 million.
ClearSale, which gets nearly two thirds of its revenue from the Brazilian market, raised BRL800 million in an initial public offering in July 2021.