Via Varejo S.A. acquires CarrierEQ, Inc. d/b/a Airfox for USD 20,000,000 (2020)

Deal facts

Buyer: Via Varejo S.A.
Target: CarrierEQ, Inc. d/b/a Airfox
Deal value: USD 20,000,000
Announced: 13 February 2020
Status: Firm intention
Sector: Other
Country: United States
Consideration: cash, shares

Sources

SEC_EDGAR_8K

What we know

More M&A Tools

Explore the Toolkit

Tools, frameworks and AI assistants designed for entrepreneurs serious about M&A.

Access now

Deal timeline

1 update

13 Feb 2020Firm intention
Via Varejo S.A. firm intention to acquire CarrierEQ, Inc. d/b/a Airfox
Item 1.01 Entry into a Material Definitive Agreement . Services Agreement; Call Option Agreement On September 11, 2018, CarrierEQ, Inc. d/b/a Airfox (the “ Company ”) entered into a Services Agreement, as amended on June 7, 2019 by the First Amendment to the Services Agreement (the “ Services Agreement ”) with Via Varejo S.A., a corporation organized under the laws of the Federative Republic of Br
Source

OpinionExit Mode editorial

We see a cross-border acquisition that defies the usual comfort zones of the SME founder. Via Varejo S.A. has announced a firm intention to acquire CarrierEQ, Inc, trading as Airfox, for a total consideration of 20 million USD. The deal structure is a going-private transaction, meaning the target will leave the public markets. This move combines cash and shares as the payment method. The buyer is based in Brazil while the target operates in the United States. Such a transatlantic, cross-continental deal in the fintech adjacent space signals that capital is seeking scale in emerging digital lending models, regardless of geography.

For the SME founder watching from the UK, the mechanics here offer a clear lesson on valuation and risk allocation. A mixed consideration deal of cash and shares introduces immediate complexity regarding currency exposure and liquidity. The shareholder base of the target must decide whether to hold equity in a Brazilian entity or take cash and exit. This is not a simple merger of equals but a strategic consolidation where the buyer dictates the terms of the going-private process. Regulatory clearance will be a primary hurdle. While the deal crosses US and Brazilian borders, any significant consumer data transfer or financial services licensing might trigger scrutiny from the CMA if UK nexus exists, or more likely, from the SEC and Brazilian regulators given the public status of the target. The firm intention status suggests the parties have aligned on the core commercial terms, yet the path to completion remains subject to these external approvals.

The sector classification as Other often masks high-growth fintech activity, and this deal confirms that traditional retail players are hungry for digital lending capabilities. The use of shares in the consideration package suggests the buyer wants to align the target founders with the long-term vision of the combined entity. This is a classic retention tool, yet it locks the founders into a new market with different regulatory regimes and currency risks. The SME founder must weigh the certainty of cash against the upside of shares in a foreign jurisdiction.

Your action this week is to review your own shareholder agreement for change-of-control covenants that might trigger mandatory offers or block a mixed-consideration deal. Identify exactly what percentage of your equity must be tendered for a transaction to proceed and whether your investors have rights of first refusal on foreign buyers. Do not wait for a term sheet to understand these constraints.

Editorial opinion. Not financial or legal advice.

Explore

Browse adjacent archives

Jump from this deal into the sector, buyer, deal type, and year views that carry the strongest contextual signal.

More Other deals More 2020 deals More going private deals More from Via Varejo S.A.All M&A deals

Similar deals

Other Other M&A activity tracked by Exit Mode.

25 June 2026CompletedOther

LAC 10 LLC to acquire Amedeo Air Four Plus Limited

LAC 10 LLC has agreed to acquire Amedeo Air Four Plus Limited in a going private transaction. The buyer, a United States based entity, will purchase the Guernsey listed…

Buyer: LAC 10 LLC
Target: Amedeo Air Four Plus Limited
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals Guernsey deals

3 June 2026CompletedOther

Worthington Steel, Inc. to acquire Klöckner

Worthington Steel, Inc. has agreed to acquire Klöckner in a going private transaction valued at 576 million EUR. The deal, announced and completed on 3 June 2026, involv…

Buyer: Worthington Steel, Inc.
Target: Klöckner
Deal value: EUR 576,284,588
Deal type: going private

Read deal Other deals going private deals Germany deals

19 May 2026CompletedOther

Green Equity Investors VI, L.P. to acquire Mister Car Wash, Inc.

Green Equity Investors VI, L.P. has agreed to acquire Mister Car Wash, Inc. in a going private transaction valued at an undisclosed sum. The deal was executed entirely i…

Buyer: Green Equity Investors VI, L.P.
Target: Mister Car Wash, Inc.
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals United States deals

12 May 2026Firm intentionOther

EQT X EUR SCSp and EQT X USD SCSp to acquire Intertek Group plc

EQT X EUR SCSp and EQT X USD SCSp have agreed to acquire Intertek Group plc. This announcement was made on 5 May 2026. The consideration for this transaction will be in…

Buyer: EQT X EUR SCSp and EQT X USD SCSp
Target: Intertek Group plc
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals United Kingdom deals

9 May 2026CompletedOther

Emma Buyer, LLC to acquire Emerald Holding, Inc.

Emma Buyer, LLC and Emerald Holding, Inc. entered the Exit Mode archive.

Buyer: Emma Buyer, LLC
Target: Emerald Holding, Inc.
Deal value: Not disclosed
Deal type: going private

Read deal Other deals going private deals United States deals

Buyer history

Via Varejo S.A.

See every published Exit Mode archive entry where this buyer appears.

View buyer profile

Methodology

How this page is built

Layer 1 facts come from source documents, Layer 2 turns those facts into a readable narrative, and Layer 3 only appears where the editorial team flags a founder-relevant deal.

Back to the archive

Via Varejo S.A. to acquire CarrierEQ, Inc. d/b/a Airfox