{"id":5253,"date":"2023-07-20T16:04:58","date_gmt":"2023-07-20T19:04:58","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/aquisicoes-pagas-em-acoes\/"},"modified":"2026-09-29T12:01:59","modified_gmt":"2026-09-29T15:01:59","slug":"aquisicoes-pagas-em-acoes","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/aquisicoes-pagas-em-acoes\/","title":{"rendered":"Acquisitions paid in shares"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Algumas das aquisi\u00e7\u00f5es mais conhecidas da hist\u00f3ria n\u00e3o foram financiadas com dinheiro, mas com a\u00e7\u00f5es da compradora.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O pagamento em a\u00e7\u00f5es pode beneficiar tanto o comprador quanto o vendedor, mas h\u00e1 riscos envolvidos para ambas as partes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A seguir, conhe\u00e7a algumas transa\u00e7\u00f5es emblem\u00e1ticas que envolveram a\u00e7\u00f5es no pagamento.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 8px;white-space:nowrap}\n.pil-unit{font-size:12px;font-style:italic;color:#999;font-weight:700}\n.pil-src{font-size:11px;color:#777;margin-top:14px;line-height:1.5}\n.pil-p{font-size:14px;line-height:1.6;margin:0 0 12px}\n.pil-note{display:flex;gap:12px;align-items:center;background:var(--pale);border:1.5px dashed var(--navy);border-radius:10px;padding:12px 16px;font-size:14px;line-height:1.55;margin-top:18px}\n.pil-note::before{content:\"\";flex:none;width:26px;height:26px;border-radius:50%;background:var(--navy) url(\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' viewBox='0 0 24 24' fill='none' stroke='white' stroke-width='1.8' stroke-linecap='round'%3E%3Cpath d='M9 18h6M10 21h4M12 3a6 6 0 0 0-3.5 10.9c.6.5 1 1.2 1 2.1h5c0-.9.4-1.6 1-2.1A6 6 0 0 0 12 3z'\/%3E%3C\/svg%3E\") center\/16px no-repeat}\n.pil-note.solid{border-style:solid;background:#fff;box-shadow:0 2px 6px rgba(0,0,0,.12)}\n.pil-note.solid::before{display:none}\n.pil-grid2{display:grid;grid-template-columns:1fr 1fr;gap:24px}\n.pil-grid2.wide-left{grid-template-columns:1.75fr 1fr}\n.pil-grid2.wide-right{grid-template-columns:1fr 1.75fr}\n.pil-grid3{display:grid;grid-template-columns:repeat(3,1fr);gap:20px}\n.pil-grid4{display:grid;grid-template-columns:repeat(4,1fr);gap:16px}\n.pil-grid5{display:grid;grid-template-columns:repeat(5,1fr);gap:12px}\n.pil-grid2>*,.pil-grid3>*,.pil-grid4>*,.pil-grid5>*{min-width:0}\n.pil-legend{font-size:12px;display:flex;gap:14px;justify-content:flex-end;flex-wrap:wrap;margin-bottom:6px}\n.pil-legend span{display:inline-flex;align-items:center;gap:6px}\n.pil-legend i{width:14px;height:10px;display:inline-block}\n\/* grafico de colunas: .pil-bars > div[style=height:%] > span (valor); 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Trata-se de uma alternativa ao pagamento \u201call-cash\u201d, no qual a empresa \u00e9 adquirida apenas com caixa da compradora.<\/p>\n  <div class=\"pil-grid2\" style=\"margin-top:20px\">\n    <div class=\"pil-card\">\n      <h3 style=\"display:flex;gap:10px;align-items:center;color:#007a6e\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-ic-vantagens.png\" alt=\"\u00cdcone de polegar para cima\" loading=\"lazy\" style=\"width:36px;border-radius:50%\">Vantagens do pagamento em a\u00e7\u00f5es<\/h3>\n      <p class=\"pil-p\" style=\"margin:10px 0 4px\"><b>Para o comprador:<\/b><\/p>\n      <ul class=\"pil-list\">\n        <li>Pagamento em a\u00e7\u00f5es pode viabilizar aquisi\u00e7\u00f5es maiores, sem comprometer as reservas de caixa da empresa.<\/li>\n        <li>Em per\u00edodos com juros altos, permitem a realiza\u00e7\u00e3o de M&amp;As sem incorrer em capta\u00e7\u00f5es \u201ccaras\u201d que possam afetar a lucratividade da empresa.<\/li>\n        <li>Garante o alinhamento e o \u201c<i>skin-in-the-game\u201d<\/i> da empresa adquirida que ficar\u00e1 exposta ao desempenho da a\u00e7\u00e3o da compradora.<\/li>\n      <\/ul>\n      <p class=\"pil-p\" style=\"margin:10px 0 4px\"><b>Para o vendedor:<\/b><\/p>\n      <ul class=\"pil-list\">\n        <li>Permite exposi\u00e7\u00e3o ao <i>upside<\/i> que a compradora potencialmente ter\u00e1 ap\u00f3s a conclus\u00e3o do <i>deal.<\/i><\/li>\n      <\/ul>\n    <\/div>\n    <div class=\"pil-card\">\n      <h3 style=\"display:flex;gap:10px;align-items:center;color:#c20e3a\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-ic-desvantagens.png\" alt=\"\u00cdcone de polegar para baixo\" loading=\"lazy\" style=\"width:36px;border-radius:50%\">Desvantagens do pagamento em a\u00e7\u00f5es<\/h3>\n      <p class=\"pil-p\" style=\"margin:10px 0 4px\"><b>Para o comprador:<\/b><\/p>\n      <ul class=\"pil-list\">\n        <li>Emiss\u00e3o de novas a\u00e7\u00f5es dilui os acionistas atuais, podendo causar insatisfa\u00e7\u00e3o caso a tese do M&amp;A n\u00e3o seja bem vista.<\/li>\n        <li>Dilui\u00e7\u00e3o \u00e9 afetada pelo pre\u00e7o da a\u00e7\u00e3o no momento da aquisi\u00e7\u00e3o, podendo ser prejudicada caso a a\u00e7\u00e3o esteja desvalorizada.<\/li>\n      <\/ul>\n      <p class=\"pil-p\" style=\"margin:10px 0 4px\"><b>Para o vendedor:<\/b><\/p>\n      <ul class=\"pil-list\">\n        <li>Valor recebido pela venda \u00e9 afetado por flutua\u00e7\u00f5es do mercado de capitais, que n\u00e3o necessariamente depende dos resultados da companhia ap\u00f3s o <i>deal.<\/i><\/li>\n        <li>\u00c9 prejudicado caso a a\u00e7\u00e3o da compradora esteja sobrevalorizada no momento da aquisi\u00e7\u00e3o.<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>O uso de a\u00e7\u00f5es no pagamento viabilizou alguns dos maiores M&amp;As dos \u00faltimos anos<\/h2>\n  <div style=\"display:grid;gap:16px\">\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-natura.png\" alt=\"Natura\" loading=\"lazy\" style=\"max-height:36px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-avon.png\" alt=\"Avon\" loading=\"lazy\" style=\"max-height:16px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Jan-2020<\/p><\/div>\n      <ul class=\"pil-list\"><li>Grupo Natura adquire fabricante norte-americana de cosm\u00e9ticos Avon, criando o <b>4\u00ba maior grupo de beleza do mundo.<\/b><\/li><li>Em transa\u00e7\u00e3o avaliada em +US$ 2 bilh\u00f5es, os acionistas da Avon receberam <b>~27% do capital social do novo grupo.<\/b><\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-facebook.png\" alt=\"Facebook\" loading=\"lazy\" style=\"max-height:24px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-instagram.png\" alt=\"Instagram\" loading=\"lazy\" style=\"max-height:34px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Abr-2012<\/p><\/div>\n      <ul class=\"pil-list\"><li>Aquisi\u00e7\u00e3o de <b>~US$ 1 bilh\u00e3o <\/b>que levou a cria\u00e7\u00e3o do maior grupo mundial de m\u00eddia social.<\/li><li>Pagamento foi um misto de caixa e a\u00e7\u00f5es do Facebook (atual Meta), permitindo que os acionistas do Instagram se <b>beneficiassem da alta que a a\u00e7\u00e3o teria nos meses subsequentes.<\/b><\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-interbrew.png\" alt=\"Interbrew\" loading=\"lazy\" style=\"max-height:24px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-ambev.png\" alt=\"Ambev\" loading=\"lazy\" style=\"max-height:20px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Out-2010<\/p><\/div>\n      <ul class=\"pil-list\"><li>Depois de parcerias e trocas de a\u00e7\u00f5es que ocorriam desde 2004, a Interbrew adquiriu o controle da Ambev, tornando-se a <b>maior cervejaria do mundo.<\/b><\/li><li>Em troca do controle, os acionistas da Ambev receberam a\u00e7\u00f5es e ativos do grupo Interbrew, como a cervejaria norte-americana Labatt.<\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-disney.png\" alt=\"Disney\" loading=\"lazy\" style=\"max-height:30px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-pixar.png\" alt=\"Pixar Animation Studios\" loading=\"lazy\" style=\"max-height:20px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Jan-2006<\/p><\/div>\n      <ul class=\"pil-list\"><li>Em uma das aquisi\u00e7\u00f5es mais conhecidas da hist\u00f3ria, a Disney adquiriu a Pixar por <b>US$ 7,4 bilh\u00f5es<\/b>, se tornando a empresa l\u00edder no segmento de computa\u00e7\u00e3o gr\u00e1fica.<\/li><li>O <b>pagamento foi integralmente em a\u00e7\u00f5es da Disney<\/b>, transformando Steve Jobs (maior acionista da Pixar) em um acionista relevante do Grupo Disney.<\/li><\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Notas: Data da conclus\u00e3o da troca de a\u00e7\u00f5es<br>Fonte: <i>Clippings;<\/i> An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Nem sempre o pagamento em a\u00e7\u00f5es \u00e9 ben\u00e9fico. Algumas aquisi\u00e7\u00f5es n\u00e3o s\u00e3o conclu\u00eddas<\/h2>\n  <div style=\"display:grid;gap:16px\">\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-magalu.png\" alt=\"Magalu\" loading=\"lazy\" style=\"max-height:30px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-kabum.png\" alt=\"KaBuM!\" loading=\"lazy\" style=\"max-height:24px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Jul-2021<\/p><\/div>\n      <ul class=\"pil-list\"><li>Em transa\u00e7\u00e3o avaliada em ~R$ 3,5 bilh\u00f5es, os acionistas da Kabum receberam <b>~R$ 1 bilh\u00e3o e o restante em a\u00e7\u00f5es da Magalu.<\/b><\/li><li>Ap\u00f3s mudan\u00e7as de movimento de mercado, a a\u00e7\u00e3o da Magalu caiu +50%, levando os acionistas da Kabum a solicitar <b>renegocia\u00e7\u00f5es do pagamento.<\/b><\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-aol.png\" alt=\"AOL\" loading=\"lazy\" style=\"max-height:44px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-timewarner.png\" alt=\"Time Warner\" loading=\"lazy\" style=\"max-height:16px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0\">Jan-2000<\/p><\/div>\n      <ul class=\"pil-list\"><li>A aquisi\u00e7\u00e3o, avaliada em <b>+US$ 180 bilh\u00f5es<\/b>, foi a maior fus\u00e3o da hist\u00f3ria americana.<\/li><li>O pagamento de 100% em a\u00e7\u00f5es ocorreu em meio a <b>\u201cBolha.com\u201d, com quedas substanciais nas a\u00e7\u00f5es do grupo <\/b>em 2001, o que prejudicou os acionistas de ambas as empresas.<\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-boeing.png\" alt=\"Boeing\" loading=\"lazy\" style=\"max-height:26px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-embraer.png\" alt=\"Embraer\" loading=\"lazy\" style=\"max-height:18px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0;color:#e00000\"><b>N\u00e3o conclu\u00edda<\/b><\/p><\/div>\n      <ul class=\"pil-list\"><li>Em uma poss\u00edvel transa\u00e7\u00e3o de <b>~US$ 5,2 bilh\u00f5es<\/b>, a Boeing compraria a Embraer com uma parte em dinheiro e outra em a\u00e7\u00f5es. A expectativa era que a Embraer ficasse com ~20% do capital social do grupo.<\/li><li>Com o <b>avan\u00e7o da COVID-19 e a crise no setor, a Boeing optou por sair da mesa <\/b>para n\u00e3o correr o risco de diluir seus acionistas com o <i>deal.<\/i><\/li><\/ul>\n    <\/div>\n    <div class=\"pil-card\" style=\"display:flex;gap:16px;align-items:center\">\n      <div style=\"flex:none;width:110px;text-align:center;border:1.5px solid var(--navy);padding:8px\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-dynegy.png\" alt=\"Dynegy\" loading=\"lazy\" style=\"max-height:18px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:4px 0\">adquiriu<\/p><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5253-enron.png\" alt=\"Enron\" loading=\"lazy\" style=\"max-height:40px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:6px 0 0;color:#e00000\"><b>N\u00e3o conclu\u00edda<\/b><\/p><\/div>\n      <ul class=\"pil-list\"><li>Em meio a um dos maiores esc\u00e2ndalos de fraude cont\u00e1bil da hist\u00f3ria, a Dynegy se ofereceu para adquirir a Enron por <b>~US$ 8 bilh\u00f5es<\/b>, com pagamento de 100% em a\u00e7\u00f5es da Dynegy.<\/li><li>Por\u00e9m, conforme os esc\u00e2ndalos da Enron foram divulgados, a Dynegy recuou da opera\u00e7\u00e3o indicando que o <b>risco n\u00e3o compensava o impacto na a\u00e7\u00e3o.<\/b><\/li><\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Notas: (1) Data da conclus\u00e3o da troca de a\u00e7\u00f5es<br>Fonte: <i>Clippings;<\/i> An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Some of the most famous acquisitions in history were financed not with cash, but with shares of the buyer.<br \/>\nPayment in shares can benefit both the buyer and the seller, but there are risks involved for both parties.<\/p>","protected":false},"author":1,"featured_media":5249,"template":"","meta":[],"class_list":["post-5253","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5249"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}