General Atlantic to Invest BRL600 Million in Brazil-based Pague Menos Pharmacies (Latin America)

 Source: General Atlantic, Reuters

Global growth equity firm General Atlantic has committed to invest BRL600 million (approximately US$150 million) in Brazil-based drugstore retail chain Empreendimentos Pague Menos (Pague Menos Pharmacies) for a 17 percent stake in the company. As part of the deal, Pague Menos will issue BRL440 million (approximately US$110 million) worth of new stock that will be subscribed by General Atlantic. General Atlantic will also purchase BRL160 million (approximately US$40 million) worth of stock from existing shareholders. Pague Menos plans to use the capital to expand its geographic footprint throughout Brazil and to increase its product and service offerings.