Mexico: MONEX and Ventura Capital sign $72 million USD deal

Financial services firm Monex has announced a deal with venture capital investors Ventura Capital Privado for over $1.5 billion pesos ($72 million USD) in Monex SAB stock, pricing the stock at under a dollar per share.

Mauricio Naranjo has said the investment will be channelled through the market using an IPO, subject to the deal being cleared by all relevant regulators. The deal would involve the transfer of 500 million existing shares, as well as issuing over 1bn pesos of new stock.

The agreement must be ratified by several regulators, including the country’s tax ministry (SHCP), the National Banking and Securities Commission (CNBV) and the Federal Commission for Economic Competition (COFECE). Monex’ president Hector Lagos Dondé has remarked that “Ventura’s participation will allow us to strengthen our rate of growth and to continue as a solid financial institution.”

Full Content: Imagen Radio

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