Benzinga | Dec 14, 2021 07:07AM EST

MercadoLibre Acquires Chilean Payment Services Provider Redelcom For Undisclosed Sum

* MercadoLibre Inc (NASDAQ:MELI) has acquired Redelcom, a Chilean company operating since 2010 as a payment services provider, for an undisclosed sum. In October 2019, Redelcom began offering point-of-sale (POS) terminals with the latest technology to retailers.

* Through the deal, Mercadolibre seeks to consolidate its value proposition in Chile and enhance the growth of its multiple payment tools and digital financial solutions.

* Redelcom will join the Mercado Libre and Mercado Pago ecosystem.

* MercadoLibre expects Redelcom to further strengthen its operation in Chile in the payment methods sector.

* MercadoLibre held $1.42 billion in cash and equivalents as of September 30, 2021.

* Price Action: MELI shares closed higher by 3.10% at $1,180 on Tuesday.