Machado Meyer Advogados in São Paulo has helped Caixa Participações, a branch of Brazilian state-owned bank Caixa Econômica Federal, sell its shares in local Banco Pan for 743 million reais (US$140 million).Skadden, Arps, Slate, Meagher & Flom LLP in São Paulo and New York and Brazil's Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados advised Banco Pan. White & Case LLP in São Paulo and New York and Pinheiro Neto Advogados in São Paulo advised the underwriters.The deal closed on 1 September.The sale was made through a secondary offering and was part of Caixa's divestment strategy to increase liquidity.As part of that strategy, Caixa sold its stake in Petrobras last year for US$1.9 billion - a deal that at the time was the largest equity offering in Brazil in six years.Earlier this year, Caixa and its insurance arm, Caixa Seguridade, formed two joint ventures with private insurers - Japanese company Tokio Marine and Brazilian Icatu. Tokio Marine's joint venture with Caixa sells home insurance policies, while Icatu and Caixa's partnership will explore the premium bonds market.Caixa Seguridade was due to make an initial public offering between March and April this year, but it was postponed because of the covid-19 pandemic.
The IPO is now expected to take place in October.
Counsel to Caixa Participações
- Machado Meyer Advogados Partner Eliana Chimenti and associate Fernando Becker Mau in São Paulo
Counsel to Banco Pan
- Skadden, Arps, Slate, Meagher & Flom LLPPartner Filipe Areno, regional counsel Jonathan Lewis, and associates Karina Cardozo de Oliveira, David Birch and Henrique Castro Silva in São Paulo; partner Victor Hollender and associate Ryan Rott in New York
- Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
- Partner Vanessa Fiusa and associates Henrique Ferreira Antunes and Isabella Polatto RoqueCounsel to Banco BTG Pactual, Banco de Investimentos Credit Suisse and Banco Itaú BBAWhite & Case LLP
- Partner John Guzman and associate Beatriz Barros in São Paulo; and partner Bibiana Jaimes and associate Yana Shneyderman in New YorkPinheiro Neto Advogados
- Partners José Luiz Homem de Mello and Guilherme Sampaio Monteiro, and associates Thais Lorenzi Ambrosano and Marcelo Junqueira de Mello in São Paulo
(Latin Lawyer - 22.09.2020)