FERRERE Uruguay advised Prosegur Cash on the acquisition of 100% of the shares of Nummi S.A. and Findarin S.A., who engage in collection and payment services in Uruguay under the trade name RedPagos and in electronic money issuance and administration under the trade name Midinero.

Uruguay has two major players in the collection and payment services industry, so acquiring one of them is, for Prosegur Cash, an important opportunity. The synergies between the traditional Prosegur business lines (mainly home and business security and valuables logistics) will greatly strengthen the already well-regarded business of RedPagos.

With this acquisition, Prosegur Cash seeks to reinforce its position as provider of comprehensive cash management solutions and complement the services it currently offers to its corporate clients in Uruguay.

The transaction closed on June 1, 2021, and was subject to antitrust and regulatory approvals by the Central Bank of Uruguay, among other conditions agreed to by the parties.

Santiago Fontana commented, “A particular challenge of this transaction was to agree on mechanisms to protect both parties in relation to the purchase price, taking into consideration the peculiarity that the price was set in Uruguayan pesos, as well as the impact on the economy and, in particular, on RedPagos’ activity of the restrictive measures adopted by the Uruguayan government as a consequence of the Covid-19 pandemic.”

FERRERE’s advice was led by Santiago Fontana and Alejandra García, with the participation of a broad team of practitioners: María Clara Porro, Martín Pesce, Isabel Hounie, Alejandro Alterwain, Stella Weng, Cecilia Alberti, Greta Heber and María Paula Uhalde.