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American Fund General Atlantic Exits Linx (em português)

June 6, 2014

(Dinheiro) In 2011, General Atlantic (GA) paid R$129.2 million for a 20% stake in Linx, which provides software solutions for the Brazilian retail market. On June 4th, 2014, GA exited its investment in Linx by selling approximately 4 million common shares, generating R$196.8 million in proceeds. GA had previously had a partial exit from Linx in February 2013 when this firm went public on the BM&FBovespa Exchange, selling 6 million shares and generating proceeds of R$184.74 million. In total, GA generated approximately R$400m in proceeds from this investment, which represents a multiple of almost 3x.

Empresas detinha 8,8% das ações da empresa e as vendeu por quase R$ 200 milhões

Em 2011, o fundo de private equity americano General Atlantic (GA) pagou R$ 129,2 milhões e comprou uma fatia de pouco mais de 20% da empresa de tecnologia brasileira Linx, especializada em softwares para o varejo.

Ao longo do tempo, foi vendendo sua participação, até ficar com apenas 8,8%. Na quarta-feira 4, o GA, que detém um portfólio de empresas avaliados em US$ 12 bilhões, deixou a Linx. Ele vendeu quase 4,1 milhões de ações ordinárias. Levando-se em conta o preço de fechamento da quinta-feira 5, de R$ 48, os americanos arrecadaram R$ 196,8 milhões.

Na abertura de capital da companhia, o GA já havia vendido 6 milhões de ações, que lhe renderam aos seus cofres R$ 184,74 milhões. Com isso, a companhia já ganhou quase R$ 400 milhões com os brasileiros. Trate-se de uma multiplicação de pelo menos três vezes o valor investido para a GA, que ainda detém participações na Smiles, XP Investimentos, Aceco TI e Peixe Urbano.

A Linx é um caso que merece uma análise detalhada. Desde seu IPO, em fevereiro de 2013, as ações da empresa já se valorizaram 80%. Sua capitalização é de R$ 2,2 bilhões, cerca de um terço da rival brasileira Totvs. Detalhe: seu faturamento de quase R$ 300 milhões equivale a um sexto do da Totvs.

Em março deste ano, o fundo soberano de Cingapura (CIG), que gerencia mais de US$ 100 bilhões, comprou 5% da Linx. Três meses depois, a Linx anunciou um joint venture com a Cielo, que lidera o mercado de meios de pagamentos no Brasil, para fazer uma oferta conjunta a varejistas.

A empresa, apesar de ser desconhecida do grande público, tem longa folha corrida. Ela foi fundada em 1985 pelo empresário Nércio Fernandes, que ainda é seu principal acionista individual. Ganhou impulso graças a um investimento de BNDESPar, braço de investimento do BNDES, em 2010. Com o dinheiro, saiu às compras e adquiriu 17 companhias desde então. Melhor: ainda tem dinheiro em caixa para novas aquisições.

Sua valorização reflete o posicionamento no mercado de varejo. Segundo pesquisa da consultoria americana IDC, a Linx detém 32% no mercado de softwares de gestão de varejo no Brasil, quase três vezes mais que o concorrente mais próximo.

American Fund General Atlantic Exits Linx (em português) was last modified: October 16th, 2014 by Editor
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