Grupo Mateus’s R$4.1 Billion Initial Public Offering

Milbank and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Grupo Mateus SA. Simpson Thacher and Pinheiro Neto represented the placement agents in connection with the offering.

Grupo Mateus S.A. (“Grupo Mateus”) completed the initial public offering of 454,852,740 common shares on the São Paulo Stock Exchange (“B3”). The offering consisted of a primary offering of 339,147,287 common shares and a secondary offering of 115,705,453 common shares, and raised an aggregate of R$4.1 billion, which makes it the largest IPO on the B3 since 2017.

The common shares were offered to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in reliance on Regulation S. The shares of Grupo Mateus will trade on the B3 under the ticker symbol “GMAT3.”

XP Investments US, LLC, Bradesco Securities, Inc., BTG Pactual US Capital, LLC, Itau BBA USA Securities, Inc., Banco do Brasil Securities LLC, Santander Investment Securities Inc. and Safra Securities LLC acted as placement agents for the offeirng.

Grupo Mateus is one of the largest Brazilian food retail companies, with operations that consist of a network of 137 supermarkets, hypermarkets neighborhood stores and cash-and-carry (atacarejo) stores, and is present in 49 cities in the Northeast region of Brazil.

Milbank LLP advised Grupo Mateus S.A. with Andrew R. Walker, Joel Krasnow, Catherine Leef Martin, David G. Hanno, Grace Nealon, Megha Kalbag, Fabiana Sakai, Guilherme Maranhão and Amanda Borges.

In Brazil, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Grupo Mateus S.A. with Vanessa Fiusa, Elisa Fachin Soares Lemos, Luis Eduardo Bernardes Kussarev Al-Contar, Mariana Collar and Luiza Motta Rodrigues.

The Simpson Thacher team advising the placement agents  included Grenfel S. Calheiros (Picture), Marcelo B. Lorenzen and Luana Torres (Capital Markets); and Drew Purcell and Eli Shalam (Tax).

In Brazil, Pinheiro Neto advised the initial purchasers with  Henrique Silva Gordo Lang, Guilherme Sampaio Monteiro,  Luiz Felipe Fleury Vaz Guimarães and Felipe Morais Assunção.

Involved fees earner: Luis Eduardo Bernardes Kussarev Al-Contar – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Mariana Collar Amaral – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Elisa Fachin Soares Lemos – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Vanessa Fiusa – Mattos Filho Veiga Filho Marrey Jr & Quiroga; David Hanno – Milbank; Megha Kalbag – Milbank; Joel Krasnow – Milbank; Catherine Leef Martin – Milbank; Grace Nealon – Milbank; Fabiana Sakai – Milbank; Andrew Walker – Milbank; Luiz Felipe Fleury Vaz Guimaraes – Pinheiro Neto; Henrique Lang – Pinheiro Neto; Felipe Morais Assunção – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto; Grenfel Calheiros – Simpson Thacher & Bartlett; Marcelo Lorenzen – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Eli Shalam – Simpson Thacher & Bartlett; Luana Torres – Simpson Thacher & Bartlett;

Law Firms: Mattos Filho Veiga Filho Marrey Jr & Quiroga; Milbank; Pinheiro Neto; Simpson Thacher & Bartlett;

Clients: Banco do Brasil Securities; Bradesco Securities; BTG Pactual US Capital, LLC; Grupo Mateus S.A.; Itaú BBA USA Securities; Safra Securities; Santander Investment Securities Inc.; XP Investments;

Author: Ambrogio Visconti.