MercadoLibre buys two real estate sites for $40M

|By:, SA News Editor

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.