November 12, 2019 / 10:49 PM / a month ago

UPDATE 1-Brazilian retailer Magazine Luiza concludes $1.1 bln share offering- sources

(Adds details on the offering)

SAO PAULO, Nov 12 (Reuters) - Brazilian retailer Magazine Luiza SA concluded a $1.1 billion share offering on Tuesday pricing its shares at 43 reais, three sources with knowledge of the matter said.

The total offering amounts to 4.7 billion reais ($1.13 billion). The company will raise 4.3 billion reais issuing new shares and use the proceeds to fund expansion of its e-commerce operations, store openings and potential acquisitions.

Magazine Luiza’s controlling shareholders, the Trajano family, will raise 400 million reais selling a part of their stake.

Magazine Luiza shares fell 3.6% in Sao Paulo stock exchange on Tuesday as investors waited for the offering pricing, closing at 43.40 reais.

$1 = 4.1637 reais Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Sandra Maler and Stephen Coates

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