Brazil's Totvs exits competitive process to buy StoneCo's Linx (updated)

StoneCo

27/02/2025 22:14

Adds context about StoneCo attempt to sell Linx in paragraph 3, background of Totvs previous interest in Linx in paragraph 4

SAO PAULO, Feb 27 (Reuters) - Brazilian software company Totvs TOTS3.SA said on Thursday it has decided to withdraw from the competitive process to buy StoneCo's STNE.O unit Linx, according to a securities filing.

Totvs did not provide further details on the decision.

Citing sources, Reuters reported that payment firm StoneCo was unimpressed by the six non-binding offers it had received so far for Linx, its software unit.

Earlier this year, Totvs said it was still studying whether to present a
binding offer
 for Linx, which Totvs had tried to buy in 2020 before it ended with StoneCo.

 (Reporting by Andre Romani; Editing by Chris Reese and Sarah Morland)

 ((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))