Batanga Media is the largest independent digital content and social media company for Latin America and Hispanic communities around the world, offering advertisers a range of digital services that target and engage audiences.
Crovat S.A. is a Uruguayan based company founded in 2007 by a young entrepreneur, engaged in the business of operating several websites containing primarily online editorial content regarding lifestyle and entertainment, targeting Latin America and Spain with over 12 million users per month.
Batanga acquired 100% of the stock of Crovat and retained all the staff. The negotiations between Batanga and Crovat took several months with the deal closing by mid-August.
FERRERE assisted Batanga in the due diligence process, drafting and negotiation of the transactional documents, and is also assisting Batanga in the transition regarding the change of control of Crovat’s operations.
Batanga’s Chairman and CEO, Rafael Urbina, comments: “This latest acquisition solidifies Batanga Media as a digital leader in the women’s lifestyle category, both in the US Hispanic and Latin American Markets”.
FERRERE’s Senior Associate Santiago Fontana, who alongside Partner Martín Cerruti co-led the team that assisted Batanga, says: “This is one in a series of very important deals in the recent history of the Uruguayan IT industry. We are witnessing a novel phenomenon in the country, where smart entrepreneurs in this industry create their companies from scratch and then look for strategic alliances or business partners in order to gain volume/funding and go global. Uruguay has been working hard in trying to foster entrepreneurship and it is very exciting to see that now we have a number of local companies that receive funding or are acquired by international companies because they have developed great ideas or businesses. It means that Uruguayan entrepreneurs add value”.