Etsy acquires 'the Etsy of Brazil'

Etsy has reached a deal to acquire Elo7 for $217 million. Josh Silverman, CEO of Etsy, called Elo7 "the Etsy of Brazil." The U.S.-based online crafts marketplace made the deal based on Elo7's "growth potential over the medium and over the long term,” said Mr. Silverman. “The opportunity for Brazil’s e-commerce sector to grow faster than the U.S., we think, is very meaningful over time.”