Magazine Luiza completed the acquisition of Netshoes for $115m.

Netshoes completed the merger with Brazilian retailer Magazine Luiza as shareholders of online sports retailer Netshoes approved its bid for the company at $3.70 per share. The company, which was rivaling with retailer Grupo SBF, said the $114.9m transaction would be concluded by June 19. The offer values the company at around $115m, and represents a 40% premium over the offer made by Brazilian retailer Magazine Luiza at the end of April, which valued Netshoes at around $62m. SBF proposed to include a $31m loan to boost Netshoes' immediate working capital needs.