UPDATE 1-Brazilian payments company Cielo eyes consolidation deals [Reuters]
CIELO SA S/ADR (CIOXY)
NASDAQ:AMEX Investor Relations:
cielo.riweb.com.br/default.aspx?linguagem=en
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Source: Reuters
Brazilian payments company Cielo eyes consolidation deals SAO PAULO (Reuters) - Brazil’s Cielo SA ( CIEL3.SA STNE.O “Cielo is not up for sale,” he declared after outlining its strategy to contend with competition from newcomers such as StoneCo and PagSeguro Digital ( PAGS.N Shares in Cielo fell nearly 6% in morning trading after it posted a 50% drop in third-quarter net income on Tuesday, missing analyst estimates. The company is likely to show some positive results from its new selling strategy in 2020, though it remains difficult to predict profit growth, Caffarelli said. Although Cielo has moved towards smaller merchants, the company’s profitability is still falling. “Cielo seems willing to fight, but a solution is still needed,” analysts at BTG Pactual said in a note to clients. The company has been shortlisted to form a joint venture with state-controlled bank Caixa Economica Federal to sell products and services to the lender’s clients, Caffarelli added. Reporting by Aluisio Alv
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