XP Inc’s $1.234 Billion Secondary Offering


Davis Polk & Wardwell, BMA – Barbosa, Müssnich, Aragão, Skadden and Lefosse advised on the transaction

XP Inc., or XP (Nasdaq: XP), closed an underwritten public offering of 22,465,733 Class A common shares offered by General Atlantic (XP) Bermuda, L.P. and XP Controle Participações S.A. at a public offering price of $42.50 per share, which includes the full exercise of the underwriters’ option to purchase an additional 2,930,313 Class A common shares from the selling shareholders.

XP Inc. will not receive any proceeds from the sale of Class A common shares by the selling shareholders.

XP Investimentos, Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan acted as Global Coordinators in the offering, and XP Investimentos, Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan, BofA Securities, Citigroup, Credit Suisse and UBS Investment Bank collectively acted as Joint Bookrunners of this offering.

Davis Polk & Wardwell advised XP Inc. with Byron B. Rooney, William A. Curran, Elina Khodorkovsky, Tomislava Dragicevic, J. Taylor Arabian, Manuel Garciadiaz (Picture), Konstantinos Papadopoulos, Cesar Fischer and Hugo Casella.

BMA – Barbosa, Müssnich, Aragão advised XP in Brazil

Skadden advised XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Itau BBA USA Securities, Inc., Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC with Victor Hollender, Pallas Comnenos, Ryan Rott, Mathias von Bernuth, Filipe Areno, Jonathan A. Lewis and Vinicius K. Fadanelli.

Lefosse Advogados (São Paulo): Socios Rodrigo Junqueira, Ricardo Prado y Jana Araújo. Asociados Alicia Alves y Carolina Garrote.

Involved fees earner: Taylor Arabian – Davis Polk & Wardwell; Hugo Casella – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Cesar Fischer – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Elina Khodorkovsky – Davis Polk & Wardwell; Konstantinos Papadopoulos – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Alicia Alves – Lefosse; Jana Araujo – Lefosse; Rodrigo Junqueira – Lefosse; Carolina Garrote – Lefosse; Ricardo Prado – Lefosse; Filipe Areno – Skadden Arps Slate Meager & Flom; Pallas Comnenos – Skadden Arps Slate Meager & Flom; Vinicius Fadanelli – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Jonathan Lewis – Skadden Arps Slate Meager & Flom; Ryan Rott – Skadden Arps Slate Meager & Flom; Mathias von Bernuth – Skadden Arps Slate Meager & Flom;

Law Firms: Davis Polk & Wardwell; Lefosse; Skadden Arps Slate Meager & Flom;

Clients: Itaú BBA USA Securities; JP Morgan Securities; Morgan Stanley; XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.; XP Investments;

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Author: Ambrogio Visconti.