White & Case Advises Companhia Brasileira de Distribuição on Spin-Off of Sendas Distribuidora S.A.
2 min read
Global law firm White & Case LLP has advised Companhia Brasileira de Distribuição (known as GPA), the leading food retailer in South America, on the spin-off of its wholly owned subsidiary Sendas Distribuidora S.A. (known as Assaí), the largest pure-cash and carry player in Brazil.
The spin-off involved the distribution of issued and outstanding Assaí common shares, including in the form of ADSs, to holders of GPA common shares and holders of GPA ADSs, at the ratio of one Assaí share (or ADS) for each GPA share (or ADS). Assaí common shares trade on the Novo Mercado segment of the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) under the ticker symbol “ASAI3.” Assaí ADSs, each representing one Assaí common share, trade on the New York Stock Exchange under the ticker symbol “ASAI.”
GPA operates stores under several banners, including Pão de Açúcar supermarkets in Brazil and others through Grupo Éxito in Colombia, Uruguay and Argentina. Assaí operates stores under the Assaí banner in Brazil. GPA and Assaí are members of the Casino Group, one of the world’s leaders in food retail.
The White & Case Capital Markets team was led by partners Mark Bagnall (Miami) and Era Anagnosti (Washington, DC) and counsel Karen Katri (Miami), and included partners Donald Baker and John Guzman (both in São Paulo), and counsel Bree Peterson (London). They were assisted by tax partner David Dreier and associate Grayson Weeks (both in New York).
In Latin America, White & Case advises on the full range of debt and equity transactions, and the Firm has achieved a leading reputation for routinely advising on "first to market" and award-winning transactions. Our Latin America-wide Capital Markets practice is among the most highly-ranked of international law firms, according to the most recent editions of Legal 500 Latin America and Chambers Latin America: Capital Markets.
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