Grupo Financiero Banamex-Accival ("Banacci"), a financial group based in Mexico, and Commerce One, an Internet services provider, announced they have signed a definitive agreement to form a joint venture that will offer a business-to-business (B2B) electronic marketplace for Latin America. Through direct efforts as well as partnerships, the new company will link buyers and sellers throughout Latin America, including Mexico and the rest of the world. Banacci and Commerce One formally announced their plans Dec. 14, 1999.
Under the agreement, Banacci will license the Commerce One Solution for the development of a B2B e-commerce platform based in Mexico and Latin America, and Commerce One will provide technical, marketing and deployment services to accelerate the launch of the Banacci services. As part of the equity partnership between the companies, Commerce One will grant Banacci an option to purchase up to 4.5 million post-split Commerce One shares of common stock at $116.15 per share, in exchange for the right to receive shares in the new company. The exchange of these options is contingent upon certain events, including a U.S. Exchange or Nasdaq listed IPO by the new company.