Sonae Sierra Brasil’s Merger with Aliansce Shopping Centers

Pinheiro Neto, BMA – Barbosa, Müssnich, Aragão and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised on the deal

Aliansce Shopping Centers (B3: ALSC3) and Sonae Sierra Brasil (B3: SSBR3) signed the agreement on potential merger of their activities. The union will result in the largest company in the country, in number of shopping malls under management: Aliansce Sonae Shopping Centers S/A. The new company will remain listed in the Novo Mercado segment of B3.

The controlling block of the combined company will be composed of four main shareholders: CPPIB (Canada Pension Plan Investment Board), Renato Rique, OFO (Otto Group) and Sonae Sierra SGPS. The final stake will be 67.90% for Aliansce’s shareholders Aliansce and 32.10% for Sonae Sierra Brasil’s shareholders.

The possible merger guarantees a geographically complementary portfolio with 40 malls, being 29 owned and 11 managed third-party. The portfolio will be the second largest in the Brazilian shopping mall sector in terms of Gross Leasable Area (GLA), with a total managed GLA of approximately 1.4 million sqm and around 7 thousand stores.

With the completion of the transaction, Renato Rique will be the Chairman of the Board of Directors, Rafael Sales will be the CEO and José Baeta Tomás, Director of Integration.

The completion of the operation is subject to approval by the Brazilian Antitrust Authority (CADE) and its closure is expected to occur by 2019. Until then, the companies will remain separate and independent.

Pinheiro Neto advised Sonae Sierra Brasil S.A. with Fernando Zorzo, Flávio Veitzman, Cristianne Saccab Zarzur Chaccur, Cauê Rezende Myanaki, Diego Batista, Marcos Garrido and Gustavo Chauffaille

BMA – Barbosa, Müssnich, Aragão adivsed Aliansce Shopping Centers S.A. with Luis Loria Flaks, Hermano AC Notaroberto Barbosa, Débora Bacellar de Almeida, Luís Bernardo Coelho Cascão, Ellen Juste Nuñez, Thiago Baptista de Pinho, Guilherme El-Hadi Franco Morgulis, Petrus Ruff do Vale, Pedro Henrique Serqueira, Rafaella Jaroslavsky, Julia Carniel Rosa, Thamires Da Cas Grande Guerra and Matheus Augusto Gomes Barreto.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Canadian Pension Plan Investment Board with Moacir Zilbovicius, Daniel de Miranda Facó, Guilherme Woo de Moraes Terra, Renata Fonseca Zuccolo Giannella, Juliana Katsue Motinaga Sato, Giovanna Traiman Coji and Ana Carolina Estevão.

Involved fees earner: Débora Bacellar de Almeida – Barbosa, Müssnich & Aragào; Julia Carniel Rosa – Barbosa, Müssnich & Aragào; Luís Bernardo Coelho Cascão – Barbosa, Müssnich & Aragào; Thamires Da Cas Grande Guerra – Barbosa, Müssnich & Aragào; Thiago Baptista de Pinho – Barbosa, Müssnich & Aragào; Ellen Juste Nuñez – Barbosa, Müssnich & Aragào; Luis Loria Flaks – Barbosa, Müssnich & Aragào; Guilherme Morgulis – Barbosa, Müssnich & Aragào; Hermano Notaroberto Barbosa – Barbosa, Müssnich & Aragào; Petrus Ruff Do Vale – Barbosa, Müssnich & Aragào; Rafaella Schwartz Jaroslavsky – Barbosa, Müssnich & Aragào; Pedro Henrique Serqueira e Souza – Barbosa, Müssnich & Aragào; Daniel Calhman de Miranda – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Ana Carolina Estevão – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Renata Fonseca Zuccolo Giannella – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Juliana Katsue Motinaga Sato – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Giovanna Traiman Coji – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Guilherme Woo de Moraes Terra – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Moacir Zilbovicius – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Caue Rezende Myanaki – Pinheiro Neto; Cristianne Saccab Zarzur Chaccur – Pinheiro Neto; Flavio Veitzman – Pinheiro Neto; Fernando Zorzo – Pinheiro Neto;

Law Firms: Barbosa, Müssnich & Aragào; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pinheiro Neto;

Clients: Aliansce Shopping Centers; Canada Pension Plan Investment Board; Sonae Sierra Brasil SA;

Author: Ambrogio Visconti.