XP Inc.’s $954.8 Million Secondary Offering

Davis Polk advised XP Inc. in the offering. BMA – Barbosa, Müssnich, Aragão advised XP Controle Participações S.A. Paul, Weiss, Rifkind, Wharton & Garrison advised General Atlantic Skadden advised XP Investimentos, Morgan Stanley, Goldman Sachs & Co. and J.P. Morgan. Lefosse advised XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC. on the transaction

XP Inc. executed an SEC-registered secondary offering of 22,465,733 Class A common shares by certain selling shareholders at a price per Class A common share of $42.50, which includes the full exercise of the underwriters’ option to purchase additional shares. The Class A common shares are listed on the Nasdaq Global Select Market under the symbol “XP.”

Based in São Paulo, Brazil, XP is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil. XP provides financial advisory services and an open financial product platform providing access to over 600 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others from XP, its partners and competitors.

The Davis Polk capital markets team advising XP included Manuel Garciadiaz (Picture), Byron B. Rooney, Konstantinos Papadopoulos, Elliot M. de Carvalho and Hugo Casella. The tax team included William A. Curran, Elina Khodorkovsky and Tomislava Dragicevic. Gregory S. Rowland and Sijia Cai provided 1940 Act advice.

BMA – Barbosa, Müssnich, Aragão advised XP Controle Participações S.A. with Amir Bocayuva, Camila Goldberg Calcavanti, Felipe Prado, Karina Lerner, Mateus Camarotti and Bryan Klein.

Paul, Weiss, Rifkind, Wharton & Garrison advised General Atlantic (XP) Bermuda LP with Matthew Abbott, Christopher Cummings, Amran Hussein, Patrick Karsnitz and Alvaro Membrillera.

Skadden advised XP Investimentos, Morgan Stanley, Goldman Sachs & Co. and J.P. Morgan with Victor Hollender,  Pallas Comnenos, Joseph N. Soltis, Filipe Areno, Mathias von Bernuth, Jonathan A. Lewis, Carlo von Hanstein and David Birch.

Lefosse advised XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC. with Rodrigo Junqueira, Ricardo Prado, Jana Araújo, Alícia Alves and  Carolina Garrote.

Involved fees earner: Amir Achcar Bocayuva Cunha – Barbosa, Müssnich & Aragào; Camila Goldberg Cavalcanti – Barbosa, Müssnich & Aragào; Bryan Nathan Klein – Barbosa, Müssnich & Aragào; Karina Lerner – Barbosa, Müssnich & Aragào; Felipe Prado – Barbosa, Müssnich & Aragào; Sijia Cai – Davis Polk & Wardwell; Hugo Casella – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Elina Khodorkovsky – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Alicia Alves – Lefosse; Jana Araujo – Lefosse; Rodrigo Junqueira – Lefosse; Carolina Garrote – Lefosse; Ricardo Prado – Lefosse; Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Christopher Cummings – Paul Weiss Rifkind Wharton & Garrison; Amran Hussein – Paul Weiss Rifkind Wharton & Garrison; Patrick Karsnitz – Paul Weiss Rifkind Wharton & Garrison; Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison; Filipe Areno – Skadden Arps Slate Meager & Flom; David Birch – Skadden Arps Slate Meager & Flom; Pallas Comnenos – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Jonathan Lewis – Skadden Arps Slate Meager & Flom; Joseph Soltis – Skadden Arps Slate Meager & Flom; Mathias von Bernuth – Skadden Arps Slate Meager & Flom; Carlo von Hanstein – Skadden Arps Slate Meager & Flom;

Law Firms: Barbosa, Müssnich & Aragào; Davis Polk & Wardwell; Lefosse; Paul Weiss Rifkind Wharton & Garrison; Skadden Arps Slate Meager & Flom;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; General Atlantic (XP) Bermuda LP; Goldman Sachs; JP Morgan; JP Morgan Securities; Morgan Stanley; UBS Securities LLC; XP Controle Participacoes SA; XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.; XP Investimentos SA;

Author: Ambrogio Visconti.