MercadoLibre buys two real estate sites for $40M

MercadoLibre (MELI +7.4%) has bought VMK, owner of Chilean real estate site and Mexican real estate site for $40M in cash. $5M of the acquisition priced is tied to performance milestones.

CEO Marcos Galperin says Mercado, Latin America's dominant e-commerce marketplace, is looking to expand into "categories that require distinct price models, distinct types of navigation and special adaptations." He sees real estate as a natural fit for the effort.

Mercado joined a number of other momentum stocks in flying higher today.

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  • PioneerTraining
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    1 May 2014, 03:15 AM Reply Like
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