Friday, 4th May 2012 by Rachel Hall

US firm White & Case LLP and Brazil’s Machado, Meyer, Sendacz e Opice Advogados have helped Brazilian car rental company Locamerica raise 273 million reais (US$145 million) in what was Brazil’s first IPO of 2012.

US firm Simpson Thacher & Bartlett LLP and Brazil’s Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados advised the underwriters: Banco Itaú BBA, BTG Pactual, Bank of America Merrill Lynch, Banco Votorantim and BB Investimentos. The offering was priced on 20 April, and sees Locamerica listed on the BM&FBovespa stock exchange.

The offering, which broke Brazil’s longest ever IPO drought in the industry′s history, closed shortly before BTG Pactual’s oversubscribed IPO, which prompted speculation about renewed investor enthusiasm for Brazil’s capital markets. BTG Pactual turned to Skadden Arps, Machado Meyer and Conyers Dill & Pearman for Bermudan counsel. The banks were advised by Shearman & Sterling LLP and Lefosse Advogados.

Before Locamerica Brazil’s last IPO took place in July, when educational company Abril Educação turned to White & Case LLP and Pinheiro Neto Advogados to raise 371 million reais (US$239 million) – a value which fell below expectations. Simpson Thacher, working alongside Pinheiro Guimarães – Advogados, was retained by the banks.

Counsel to Locamerica


White & Case LLP


Machado, Meyer, Sendacz e Opice Advogados

Partners Daniel de Miranda Facó, Gustavo Rugani do Couto e Silva, and associates Julia Barreto Lobo and Felipe Carvalho Gomes Ventura

Counsel to Itaú, BTG Pactual, Merrill Lynch, Banco do Brasil and Banco Votorantim


Simpson Thacher Bartlett LLP

Partner Jaime Mercado, Rob Holo and Anthony Minervini and associates Gustavo Pinto, Joana Scarpa Mota and Bruno Viveros


Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Partner Jean Marcel Arakawa and associates Renata Carvalho Stelling, Rodolfo Constantino de Tella and Guilherme Rossetto Nunes de Oliveira

(Latin Lawyer 04.05.2012)

(Notícia na Íntegra)