Machado, Meyer, Sendacz e Opice and Simpson Thacher & Bartlett LLP have advised on the deal
The Chinese company Didi Chuxing Riverwood Capital Management, Tiger Global, Monashees y Qualcomm Ventures announced a $100 million investment in the Brazilian mobile app 99. The taxi app operates in 350 cities across the country as Brazil’s largest urban transport app.
Didi bought the rights to Uber in China last year, and reports nearly 400 million users in over 400 cities. This time, Didi heads to Brazil alongside Uber’s biggest regional rival. The company’s exact investment amount was not made public.
According to their investment terms, Didi will have a seat on 99’s executive board. In return, the Chinese company will provide “strategic guidance and support”.
99Taxis plans to use the investment to expand its reach in Brazil and Latin America, potentially doubling its user base this year. Before its most recent investment, the Brazilian taxi app amassed $25 million from investors such as Qualcomm Global, Tiger Global Management, Qualcomm Venture, and StartCaps Ventures.
Machado, Meyer, Sendacz e Opice has advised Riverwood Capital Management with Arthur B. Penteado (Picture), Mariana Meditsch, Tito Amaral de Andrade, Bruno Nazar Bacchin and Beatriz Navarro Santos.
Simpson Thacher & Bartlett LLP has advised Riverwood Capital Management with S. Todd Crider, Rob Holo, Luciana Moutinho, Borja Marcos and George Davis.
Involved fees earner: Mariana Meditsch – Machado, Meyer, Sendacz e Opice; Arthur Penteado – Machado, Meyer, Sendacz e Opice; Bruno Nazar Bacchin – Machado, Meyer, Sendacz e Opice; Beatriz Medeiros Navarro Santos – Machado, Meyer, Sendacz e Opice; Tito Amaral de Andrade – Machado, Meyer, Sendacz e Opice; Todd Crider – Simpson Thacher & Bartlett; Borja Marcos – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; George Davis – Simpson Thacher & Bartlett;
Clients: Riverwood Capital Partners;