StoneCo’s $493.6 Million Acquisition of 4,99% Interest in Banco Inter

StoneCo's $493.6 Million Acquisition of 4,99% Interest in Banco Inter

Cleary – Gottlieb Steen & Hamilton and Machado Meyer advised Banco Inter S.A.. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga and Spinelli Advogados advised StoneCo on the transaction. Demarest and White & Case advised Banco Inter and the selling shareholders.

StoneCo Ltd., a leading provider of financial technology solutions that empower merchants to conduct commerce seamlessly across multiple channels,has signed a definitive investment agreement with Banco Inter (B3: BIDI3, BIDI4, BIDI11), a leading and fast-growing digital bank in Brazil.

The Investment will be implemented through a Follow-On Public Offering conducted by Banco Inter (“Follow-On”) whereby Stone will act as a cornerstone investor at a fixed price per Share (B3: BIDI11) of R$57.84, already taking into consideration the split of Banco Inter’s shares as approved on May 20, 2021.

As part of the Investment, Stone and the controlling shareholders of Banco Inter will enter into a Shareholders’ Agreement whereby Stone will have the right of first refusal in the case of change of control of Banco Inter, for a period of 6 (six) years and according to certain price thresholds.

In addition to that, Stone will have the right to join the Board of Directors of Banco Inter with one seat out of 9 (nine).

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised StoneCo. Ltd. and Stone Pagamentos S. A. with a team including Pedro Whitaker de Souza Dias (Picture), Daniel Calhman de Miranda, Luciana Pietro Lorenzo, Amadeu Carvalhaes Ribeiro, Marcio Soares, Bruno Mastriani Simões Tuca and Andrea Bazzo Lauletta.

Spinelli Advogados advised StoneCo. Ltd. and Stone Pagamentos S. A. with Sergio Spinelli Silva Jr., Hiram Bandeira Pagano Filho and Bruna Andreoli.

Cleary – Gottlieb Steen & Hamilton advised Banco Inter S.A.with Francesca L. Odell, Jonathan Gifford, Alexander Cadmus, Karl Heiland, Zhiyuan Zuo, Jonathan Mendes de Oliveira, David Schechtman, Jonathan Mendes de Oliveira and David Schechtman.

In Brazil, Machado Meyer advised Banco Inter S.A. with Gustavo Rugani do Couto e Silva, Guilherme Azevedo Ferreira Alves, Wagner Eustaquio Duarte Junior, Paulo Estevao Henriques Carneiro de Miranda, Fernanda Marques Ribeiro and Andre Figueiredo Diniz.

Demarest advised Banco Bradesco BBI S.A., Banco BTG Pactual S.A., Bank of America Merrill Lynch Banco Múltiplo S.A., Banco Itaú BBA S.A., Banco J.P. Morgan S.A. and UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. João Vitor Nazareth Menin Teixeira de Souza,  Rubens Menin Teixeira de Souza and Conedi Participacoes Ltda. with a team including José Setti Diaz, Christiano Chagas Monteiro de Melo, João Paulo Minetto, Paola Pugliese, Thiago Giantomassi Medeiros and Leticia Galdino Wanderley.

White & Case advised the underwriters in US.

Involved fees earner: Alexander Cadmus – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Karl Heiland – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Zhiyuan Zuo – Cleary Gottlieb Steen & Hamilton; João Paulo Minetto – Demarest; Christiano Chagas Monteiro de Melo – Demarest; Letícia Galdino Wanderley – Demarest; Thiago Giantomassi – Demarest; Paola Pugliese – Demarest; José Setti Diaz – Demarest; Guilherme Azevedo Ferreira Alves – Machado Meyer Advogados; Paulo Estevao Henriques Carneiro De Miranda – Machado Meyer Advogados; Wagner Duarte – Machado Meyer Advogados; Andre Figueiredo Diniz – Machado Meyer Advogados; Fernanda Marques Ribeiro – Machado Meyer Advogados; Gustavo Rugani – Machado Meyer Advogados; Andrea Bazzo Lauletta – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Daniel Calhman de Miranda – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Amadeu Carvalhaes Ribeiro – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Marcio Dias Soares – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Bruno Mastriani Simões Tuca – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Luciana Pietro Lorenzo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pedro Whitaker de Souza Dias – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Bruna Andreoli – Spinelli Advogados; Hiram Bandeira Pagano Filho – Spinelli Advogados; Sergio Spinelli Silva Jr – Spinelli Advogados;

Law Firms: Cleary Gottlieb Steen & Hamilton; Demarest; Machado Meyer Advogados; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Spinelli Advogados;

Clients: Banco Bradesco BBI S.A.; Banco Inter S.A. ; Banco Itau BBA; Bank of America Merrill Lynch; BTG Pactual; JP Morgan; Stone Pagamentos SA; StoneCo Ltd.; UBS;