On Monday June 28, Etsy, Inc. (NASDAQ: ETSY) announced that it has agreed to acquire Brazilian e-commerce marketplace, Elo7 for $217 million. Etsy will acquire the online shopping platform in an all-cash transaction.
This deal is subject to certain adjustments for Elo7’s working capital, transaction expenses, cash and indebtedness. It will also be reduced by the value of certain equity awards of Etsy to be granted to Elo7 employees in connection with the transaction. Following the deal’s close, Elo7 will remain in Sao Paulo, Brazil. It will operate as a standalone marketplace and remain run by its current leadership team. Both companies expect the deal to close in the third quarter of 2021. It will be subject to customary closing conditions.
Etsy’s CEO Josh …