Caixa Seguridade’s US$800 Million Initial Public Offering

Hogan Lovells advised Caixa Seguridade on the deal. Machado Meyer Sendacz Opice Advogados advised the issuer and selling shareholder. Milbank and Pinheiro Neto advised Morgan Stanley, BofA Securities, Inc.; Caixa Econômica Federal, Credit Suisse Securities (USA), LLC; Itau BBA USA Securities, Inc. and UBS Investment Bank acting as underwriters on the offering.

The deal closed on April 30 after prior attempts to launch the IPO were hampered by the pandemic and while Caixa was advised by alternate legal counsel. As part of the transaction, Caixa Economica Federal sold part of its ownership interest in the insurance unit.

Caixa Seguridade is the insurance unit of Brazilian financial institution Caixa Econômica Federal, one of the largest state owned banks in Latin America.

Hogan Lovells acted as international counsel to the issuer and selling shareholder. The team was led by São Paulo Office Managing Partner Isabel Costa Carvalho (Picture), New York partner Sina Hekmat, and New York/ São Paulo counsel David Contreiras Tyler. They were assisted by São Paulo associates Arthur Amaral and Ana Pongeluppi, and New York Visiting International Associate Camila Smith.

The Brazilian counsel to the issuer and selling shareholder was Machado Meyer Sendacz Opice Advogados.

Milbank advised Morgan Stanley, BofA Securities, Inc.; Caixa EconômicaFederal, Credit Suisse Securities (USA), LLC; Itau BBA USA Securities, Inc. anb UBS Investment Bank with Andrew R. Walker, Catherine Leef Martin, David G. Hanno, Tobías Stirnberg, Fabiana Y. Sakai, Marcella Gurgel, Arthur Dalmarco and Lays Lima Dutra.

Pinheiro Neto Advogados advised Banco Morgan Stanley S.A., Caixa Econômica Federal, Bank of America Merrill Lynch Banco Múltiplo S.A., Banco de Investimentos Credit Suisse (Brasil) S.A., Banco Itaú BBA S.A. and UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. with Henrique Silva Gordo Lang, Fernando Mirandez Del Nero Gomes, Guilherme Sampaio Monteiro, Gustavo Ferrari Chauffaille, Felipe Morais Assunção, Gabriela Kaneshiro Pereira and Giovana Bittencourt Mantesso.

Involved fees earner: Arthur Amaral – Hogan Lovells; David Contreiras Tyler – Hogan Lovells; Isabel Costa Carvalho – Hogan Lovells; Sina Hekmat – Hogan Lovells; Ana Pongeluppi – Hogan Lovells; Camila Smith – Hogan Lovells; Marcella Gurgel – Milbank LLP; David Hanno – Milbank LLP; Catherine Leef Martin – Milbank LLP; Fabiana Sakai – Milbank LLP; Tobias Stirnberg – Milbank LLP; Andrew Walker – Milbank LLP; Gustavo Ferrari Chauffaille – Pinheiro Neto; Henrique Lang – Pinheiro Neto; Fernando Mirandez Del Nero Gomes – Pinheiro Neto; Felipe Morais Assunção – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto;

Law Firms: Hogan Lovells; Milbank LLP; Pinheiro Neto;

Clients: Banco Itaú; Bank of America; Caixa Econômica Federal (CEF); Caixa Seguridade Participações S.A.; Credit Suisse; Morgan Stanley; UBS;