Brazil’s Valid makes novel share placement - News - Latin Lawyer
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Brazil’s Valid makes novel share placement
Wednesday, 30 September 2015 (Yesterday) by Toby Luckhurst
Brazilian credit card and mobile technology company Valid has issued shares worth US$96 million in a
restricted follow-on offering, the first of its kind in Brazil.
Skadden, Arps, Slate, Meagher & Flom LLP’s São Paulo office and Brazilian firm BMA - Barbosa, Müssnich,
Aragão advised Valid in the offering, which closed on Friday. Banco Itaú, Banco Bradesco and Bank of America
Merrill Lynch acted as underwriters and hired Milbank, Tweed, Hadley & McCloy LLP’s São Paulo and New York
offices and Lefosse Advogados in São Paulo.
The offering is the first carried out under a new rule governing share offerings that was implemented last year,
allowing companies to offer shares to qualified investors without notifying the Brazilian securities and exchange
commission (CVM). Rule 476 previously only applied to debt securities offerings, but was expanded to cover
share issuances in a bid to reduce costs and red tape for smaller companies looking to obtain funding. At the
same time, the CVM updated the rule to increase the number of qualified investors companies could target from
20 to 50. Rule 476 also stipulates that existing shareholders have priority in these issuances.
Valid began operating as a printing company in the 1950s, but now develops secure identification systems, such
as sim cards and contactless chips used in telecoms and payment systems. The company will use proceeds
from the share offering to fund its purchase of Danish telecoms company Fundamenture, which it announced at
the start of this month.
Counsel to Valid Soluções e Serviços de Segurança em Meios de Pagamento
Skadden, Arps, Slate, Meagher & Flom LLP
Partners Mathias von Bernuth and Filipe Areno and associates Lauren Bennett, Darius Banani, Jonathan Lewis
and Flavio Lugao in in São Paulo
BMA - Barbosa, Müssnich, Aragão
Partners Plínio Simões Barbosa and Camila Goldberg Cavalcanti and associates Atademes Branco Pereira,
Camila Bourguignon and Frederico Menescal in Rio de Janeiro, and associate Rodolfo Constantino de Tella in
São Paulo
Counsel to Banco Itaú, Banco Bradesco and Bank of America Merrill Lynch
Milbank, Tweed, Hadley & McCloy LLP
Partner Tobias Stirnberg and associate Felipe Camara in São Paulo and partner Andrew Walker and associate
Michael Goon in New York
Lefosse Advogados
Partners Rodrigo Junqueira and Ricardo Prado and associates João Paulo Minetto and Douglas Ogata in São
Paulo
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