Global Legal Chronicle  – 20/06/2018

Advent International’s Acquisition of 80% Stake in Walmart Brasil

North America, North America Legal Chronicle June 20, 2018  Ambrogio Visconti
Walmart was advised by Goldman Sachs & Co. LLC, Skadden, Arps, Slate, Meagher & Flom, Saiani & Saglietti , Trench Rossi Watanabe (Baker McKenzie). Advent International was advised by Credit Suisse, Euro Latina Finance, Ropes & Gray, attos Filho, Veiga Filho, Marrey Jr. e Quiroga and BMA – Barbosa, Müssnich, Aragão

Advent International, one of the largest and most experienced global private equity investors, has agreed to invest in a majority stake in Walmart Brazil to strengthen the business and position it for long-term success. Under the terms of the agreement, Advent will hold 80 percent of Walmart Brazil, and Walmart Inc. will retain the remaining 20 percent upon the completion of the transaction. The transaction is subject to regulatory approval in Brazil.

Advent is a global private equity fund with a strong local presence and extensive experience in retail investment both in Brazil and internationally. Since the opening of its São Paulo office in 1997, the fund has invested in 30 Brazilian companies from various sectors. Advent has been active in the retail, consumer and leisure segments worldwide for 28 years and has completed 75 investments in 22 countries.

The decision to partner with Advent in Brazil results from a thoughtful and deliberate review of Walmart’s international portfolio. As a result of the transaction, Walmart expects to record a non-cash, net loss of approximately $4.5 billion as a discrete item in the second quarter. A significant portion of the net loss is due to the recognition of cumulative foreign currency translation losses and the final loss could fluctuate significantly due to changes in currency exchange rates up to the date of close. Following an anticipated close later this year, Walmart expects no ongoing material impact to EPS in the current fiscal year and a slight positive impact next fiscal year.

Ropes & Gray advised Advent International with a team including Matthew Richards (Picture), R. Newcomb Stillwell, David Saltzman, James Dowden, Edward Black, Christian Westra, Richard Conklin, Olivia Pomann and Joshua Coombes.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised Advent International with Rodrigo Figueiredo Nascimento, Luciana Pietro Lorenzo, Andrea Bazzo Lauletta, Eduardo Marques Souza, Camila Spadoni Mahfuz and José Francisco Rodrigues Gontijo.

BMA – Barbosa, Müssnich, Aragão advised Advent International with Barbara Rosenberg, Sandra Terepins Ramos, Maria Amaral de Almeida Sampaio and Marcos Filipe Sussumu Ueda.

Skadden, Arps, Slate, Meagher & Flom advised Walmart Inc. with Paola Lozano, Stuart Finkelstein, Julie Bédard, Stuart Levi, Ralph Pérez, Andrés Caicedo, Sarah Moros, Jay P. Cosel, Gunjan Sharma, Miriam Furst, Daniel Hernández and José Vivanco.

In Brazil, Saiani & Saglietti advised Walmart Inc. with José Samurai Saiani, Erio Umberto Saiani Filho, Bruna Argento, Rafael Mermerian, Luiz Furtado and Pedro Henrique Chicarino.

Trench Rossi Watanabe (Baker McKenzie) advised Walmart Inc. with Clarissa Machado and Reinaldo Ravelli.

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