Etsy (NASDAQ: ETSY) just agreed to buy Elo7, a Brazilian marketplace for handmade items, for $217 million in cash. Etsy CEO Josh Silverman, who called Elo7 the “Etsy of Brazil”, predicted the deal would help the online retailer “establish a foothold” in Latin America — “an underpenetrated e-commerce region where Etsy currently does not have a meaningful customer base.”