Cleary Gottlieb, Shearman & Sterling Advise on Banco do Brasil $1.4B Offering
The secondary offering builds on a 10-year record high for equity deals out of Brazil.
October 23, 2019 at 01:39 PM
2 minute read
Banco do Brasil. Photo: Shutterstock
Shearman & Sterling advised Brazilian bank Banco do Brasil in U.S. law matters on a $1.4 billion secondary share offering, while Cleary Gottlieb Steen & Hamilton represented the underwriters.
Banco do Brasil, one of the largest banks in Brazil by assets, and shareholder FI-FGTS sold 132 million common shares in a R$5.8 billion offering that closed October 22. Banco do Brasil is a communal bank controlled by the Brazilian government.
The Cleary Gottlieb corporate team, led by partner Francesca Odell, represented underwriters Caixa Econômica Federal, Banco do Brasil, Credit Suisse, Itau BBA, JPMorgan and XP. Lawyers based both in São Paulo and New York pitched in, with Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados assisting underwriters in matters of Brazilian law.
Shearman & Sterling partner Stuart Fleischmann, who spends time in both the New York and São Paulo offices of the firm, led counsel to Banco do Brasil while Machado Meyer assisted the bank and FI-FGTS in matters of Brazilian law.
The offering was registered before the Brazilian Securities Commission, with common shares offered in the U.S. to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to non-U.S. persons outside the U.S. pursuant to Regulation S under the Securities Act.
It has been a busy year for deals out of Brazil.
Brazilian companies raised $17.1 billion via 34 transactions during the first nine months of 2019 – almost triple the amount of the year-earlier period, according to data from Reuters. This year's nine-month total for money raised through share offerings, Reuters said, exceeds the full-year amount for every year since 2010.
Progress on macroeconomic reforms under market-friendly President Jair Bolsonaro, combined with signs of economic recovery after a lengthy recession, are stoking demand for Brazilian assets.
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Goodwin's Singapore Private Equity Partner Leaves to Join Key Client Hillhouse Investment
Trending Stories
- 1Critical Mass With Law.com’s Amanda Bronstad: LA Judge Orders Edison to Preserve Wildfire Evidence, Is Kline & Specter Fight With Thomas Bosworth Finally Over?
- 2What Businesses Need to Know About Anticipated FTC Leadership Changes
- 3Federal Court Considers Blurry Lines Between Artist's Consultant and Business Manager
- 4US Judge Cannon Blocks DOJ From Releasing Final Report in Trump Documents Probe
- 5White & Case KOs Claims Against Voltage Inc. in Solar Companies' Trade Dispute
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
