Lojas Americanas to transfer assets to B2W, plans U.S. listing next year

SAO PAULO (Reuters) -Lojas Americanas SA will transfer its assets to fellow Brazilian retailer B2W under a stock transaction agreement approved by both companies’ boards, according to filings on Wednesday.

Although the markets expected a merger between B2W and Lojas Americanas, the transaction announced on Wednesday will keep both companies listed separately.

The companies said in February they were considering merging their operations.

B2W will receive assets currently owned by Lojas Americanas that are valued at 6.3 billion reais ($1.18 billion) by XP Investimentos, which was hired to appraise the assets that correspond mainly to brick-and-mortar stores and distribution centers.

Shareholders in Lojas Americanas will receive 0.18 B2W common share for each Lojas Americanas share they own as payment for the asset transfer. B2W will change its name to Americanas, the company said.

The reorganization needs to be approved by shareholders in both companies and shareholder meetings are scheduled for June 10.

Together, the companies have about 1,700 physical stores in 750 cities across Brazil and an online marketplace with more than 87,000 sellers.

In a separate presentation to investors, Lojas Americanas also said it is considering the creation of a company named Americanas Inc, which would have the same shareholders as the current Lojas Americanas SA.

The company could be listed on the New York Stock Exchange or Nasdaq early next year, the presentation said.

($1 = 5.3425 reais)

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