Mercato Partners Acquisition announced that it has entered a non-binding letter of intent for a business combination with Nuvini S.A., which acquires and manages a portfolio of software-as-a-service companies.
Headquartered in Sao Paulo, Brazil, Nuvini bills itself as the leading private serial software business acquirer in Latin America. With six companies in its portfolio, Nuvini intends to use funding and capital market access to continue expanding its acquisition strategy.
Under terms of the LOI, Mercato Partners and Nuvini would become a combined entity, with Nuvini’s existing equity holders rolling over 100% of their equity into the combined public company.
Mercato said it expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected later in the first quarter. The SPAC raised $200 million in a November 2021 IPO with plans to identify, acquire and operate a business in either the technology or branded consumer products sector. Read more.
