Localiza Rent A Car’s $488 Million Equity Offering


Davis Polk advised Localiza Rent a Car S.A. in connection with its equity offering of 55,200,000 common shares for an aggregate amount of R$1.8 billion (approximately US$488 million). The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

BTG Pactual US Capital, Itaú BBA USA Securities Inc., Merrill Lynch, Pierce, Fenner & Smith and JP Morgan Securities acted as underwriters on the offering.

Headquartered in Belo Horizonte, Brazil, Localiza Rent a Car is the largest car rental company in Brazil in terms of number of branches, fleet size and gross revenues, according to public market data, comprising a fleet of 222,177 cars and 583 directly owned or franchised branches in Brazil and South America.

The Davis Polk corporate team included Elliot M. de Carvalho (Picture), Manuel Garciadiaz and Richard Corbett. Ben Levenback provided tax advice. J. Taylor Arabian provided Investment Act advice. Members of the Davis Polk team are based in the São Paulo and New York offices.

Pinheiro Neto advised advised Localiza Rent a Car S.A. with Henrique Lang, Guilherme Sampaio Monteiro, Thais Lorenzi Ambrosano, Cristina Liu and Francisca Pereira.

Shearman & Sterling advised BTG Pactual US Capital, Itaú BBA USA Securities Inc., Merrill Lynch, Pierce, Fenner & Smith and JP Morgan Securities with David Flechner, Laurence Crouch, Roberta Berliner Cherman, Samantha Glover, Mariana Pacini, Diana Balassiano, Eric Grosshandler, Daniel Kachmar, Ahuva Weinreich and Alyssa Pont.

Cescon, Barrieu, Flesch & Barreto advised BTG Pactual US Capital, Itaú BBA USA Securities Inc., Merrill Lynch, Pierce, Fenner & Smith and JP Morgan Securities with Joaquim José Aceturi de Oliveira, Júlia Barreto Lobo Dutra, Larissa Araújo Faria, Maíra Lacôrte de Freitas, André Castanheira Eliazar and Carolina Penna Carvalho.

Involved fees earner: Joaquim José Aceturi de Oliveira – Cescon, Barrieu, Flesch & Barreto; Larissa Araújo Faria – Cescon, Barrieu, Flesch & Barreto; Julia Barreto Lobo Dutra – Cescon, Barrieu, Flesch & Barreto; André Castanheira Eliazar – Cescon, Barrieu, Flesch & Barreto; Maíra Lacôrte de Freitas – Cescon, Barrieu, Flesch & Barreto; Taylor Arabian – Davis Polk & Wardwell; Richard Corbett – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Henrique Lang – Pinheiro Neto; Cristina Liu – Pinheiro Neto; Thais Lorenzi Ambrosano – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto; Roberta Berliner Cherman – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; David Flechner – Shearman & Sterling; Samantha Glover – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Mariana Pacini – Shearman & Sterling; Alyssa Pont – Shearman & Sterling;

Law Firms: Cescon, Barrieu, Flesch & Barreto; Davis Polk & Wardwell; Pinheiro Neto; Shearman & Sterling;

Clients: BTG Pactual US Capital, LLC; Itaú BBA USA Securities; JP Morgan Securities; Localiza Rent a Car SA; Merrill Lynch, Pierce, Fenner & Smith Incorporated;

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Author: Ambrogio Visconti