Tosetto, Weigmann, Machado Associados and Pinheiro Neto advised on the deal
TBuzzi Unicem has signed an agreement with Grupo Ricardo Brennand aimed at acquiring 50% of BCPAR SA, a subsidiary of Brennand Cimentos and on its turn owner, among other things, of two full-cycle cement plants operating in Brazil, one in the North-East region of the country (state of Paraíba) and the other in the South-East (state of Minas Gerais).
The agreement provides Buzzi Unicem to reach a 50% stake in BCPAR SA after acquiring the totality of the shares held by the current minority shareholders, BNDESPAR and FIP MPlus, besides a part of the shares owned by Brennand Cimentos as well as the underwriting of a dedicated capital increase of the same company BCPAR SA.
Consolidated net sales of BCPAR SA in 2017 amounted to R$538 million for a consolidated Ebitda of R$88 million. Cement sales in 2017 totalled 2.7 million tons, of which 1.7 million in the South-East and 1.0 million in the North-East of Brazil. Net debt of BCPAR SA as at 31 December 2017 stood at R$821 million.
The closing of the transaction is subject, inter alia, to the approval of some current lenders of BCPAR SA, provided for by the related loan agreements in which BCPAR itself or its subsidiaries are the borrowers. It is deemed that the closing can take place by 31 December 2018. The acquisition of the remaining 50% of BCPAR SA under the Put or Call will be subject to approval of the Brazilian antitrust authority (CADE).
Tosetto, Weigmann e Associati advised Buzzi Unicem with Andrea Lanciani (Picture) and Federico Benincasa.
In Brazil, Machado Associados advised Buzzi Unicem with Luciana Felisbino, Caetano Thomaz Fernandes Antunes, Iva Maria Souza Bueno and Rafaela Scorza de Almeida Castro.
Pinheiro Neto advised Ricardo Brennand Family, BNDESPAR and FIP Mplus with Alvaro Silas Uliani Martins dos Santos, Beatriz Ferreira da Rosa Seixas, Gabriella Lima Florner and Giovana R. de Sá Silva.
Involved fees earner: Luciana Felisbino – Machado Associados; Caetano Thomaz Fernandes Antunes – Machado Associados; Iva Maria Souza Bueno – Machado Associados; Rafaela Scorza de Almeida Castro – Machado Associados; Alvaro Silas Uliani Martins dos Santos – Pinheiro Neto; Beatriz Ferreira da Rosa Seixas – Pinheiro Neto; Gabriella Lima Florner – Pinheiro Neto; Giovana R. de Sá Silva – Pinheiro Neto; Andrea Lanciani – Tosetto Weigmann & Associati; Federico Benincasa – Tosetto Weigmann & Associati;