Localiza and Unidas sign an asset sale agreement for nearly R$3.6 billion – Economy

THE Locate and the United announced this Monday 13, having signed a sales contract, by Unidas, to an investment fund managed by affiliates of Brookfield Asset Management, of certain assets to be separated from RAC (car rental) and used car activities, including approximately 49,000 cars, from Unidas subsidiaries, for R$3,570,526,000.00. The amount is subject to adjustments, as usual in operations of this nature.

The buying fund is Cedar Fundo de Investimento em Participações Multiestratégia, majority shareholder of Ouro Verde Locação e Serviço.

In a material fact sent to Securities and Exchange Commission (CVM)the companies explain that the contract was signed in compliance with the merger control agreement (CCA) signed with the Economic Defense Board of Directors (Cade) in connection with the approval of the business combination of the companies.

The completion of the transaction is subject to the fulfillment of certain conditions precedent, including the approval of the Purchaser by the Court of CADE; approval of the Transaction by CADE; the completion of the Business Combination; and the completion of a corporate reorganization of Unidas subsidiaries, in addition to other conditions precedent customary in transactions of this nature.

“The Companies and the Buyer shall immediately submit to CADE the Transaction documents and respective forms for the purpose of complying with the ACC,” they state.

Scotiabank, BTG and Citi acted as financial advisors and lenders to the buyer in connection with the transaction and Bank of America acted as financial advisor to the companies. The legal advisors for the operation were Pinheiro Neto Advogados, for the companies, and Cescon Barrieu, for the buyer. As antitrust counsel, Machado Meyer, LCA and VMCA have worked for the companies.

Elmer Hayward

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