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Santander’s Getnet valued at $1.32 billion in trading debut By Reuters

by Mike Robinson

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© Reuters.

Carolina Mandl

SAO PAULO, (Reuters) – Brazilian payment company Getnet Brasil is controlled by Spain. Banco Santander SA (NYSE:) made its first trading debut Monday on the Sao Paulo Stock Exchange with a market capitalization of 7.3 billion Brazilian reais (1.32 billion).

Santander listed Getnet Brasil in order to generate additional value for its shareholders. Santander has now made Getnet part of PagoNxt, its global payments company.

Getnet, Brazil’s third largest card processor reached an estimated value close to that of the country’s top card processor. Cielo SA (OTC:), with a market capitalization in excess of 7.1 million reais.

However, its value is lower than those of StoneCo Ltd and PagSeguro Digital Ltd which trade in the United States.

Brazilian lender Getnet was acquired by the Brazilian bank in 2014. Getnet provides merchants credit and debit cards payments. The Brazilian lender had 16% of the market and reported revenues of 1.3 Billion Reales in the first half. It also earned 188 Million in net income. reais.

Getnet is currently operating in Brazil, Mexico and Argentina.

($1 = 5.5123 reais)

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