Brazilian payment company Cielo S.A. announced it will acquire Merchant e-Solutions, a payment solution provider based in the U.S., with an eye toward offering new products to the Brazilian market, including e-commerce and mobile payments. Cielo said the deal is worth $670 million.

According to the announcement, MeS, which currently processes more than $14 billion in transactions annually, will allow Cielo to offer complete end-to-end service for both e-commerce and brick-and-mortar retail stores, including a host of new products and services. MeS has more than 70,000 affiliated retailers, as well as partnerships with more than 250 financial institutions.

Additionally, Cielo said MeS technology will provide Cielo with greater back-office automation, as well as more flexibility and agility in developing new products. The deal also gives Cielo a presence in Silicon Valley, the company said.

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