Freshfields Bruckhaus Deringer LLP and Machado, Meyer, Sendacz e Opice Advogados have helped British foreign exchange group Travelex acquire a 49 per cent stake of Brazil′s leading foreign exchange brokerage, Grupo Confidence.
The deal, announced on 27 May but subject to Central Bank and presidential approval, saw Barbosa Müssnich & Aragão advise the sellers.
Under the terms of the deal Travelex will acquire an initial 49 per cent, with the additional 51 per cent stake to be purchased no later than November 2014.
Although the deal′s value has not been disclosed, Brazilian financial newspaper Valor Econômico puts it at around US$500 million.
"This was an important transaction for Travelex vis-a-vis its expansion plans into an important fast growing and emerging market such as Brazil," says Machado Meyer partner Eduardo Avila de Castro.
The corporate head of Freshfields Bruckhaus′s Brazil group, David Sonter, shares this view. ′Like many large multinational businesses, Travelex sees long-term value investing in Brazil," he says. "We are advising an increasing number of businesses on inward investment opportunities to the region as well as assisting Brazilian companies with their global expansion plans."
Travelex estimates that Brazil′s retail foreign exchange market is worth US$17 billion and will continue to grow. Confidence reflects this potential; founded in 1997 it is now the largest independent foreign exchange business in the country.
Counsel to Travelex
UK
Freshfields Bruckhaus Deringer LLP
Partner Chris Bown and associates Nick Wall and Freddie New
Brazil
Machado, Meyer, Sendacz e Opice Advogados
Partners Nei Schilling Zelmanovits and Eduardo Avila de Castro, and associates Andrea Melo Fialho and Bruno de Oliveira Duarte Ferreira
Counsel to Grupo Confidence
Barbosa Müssnich & Aragão
Partners Alex Schatkin Cukier and Fabiana Fagundes, and associates Mariana Gouthier and Carolina Wollman
(Latin Lawyer 01.06.2011)
(Notícia na Íntegra)