Hogan Lovells advises Caixa Seguridade on its US$800 million IPO

The deal closed on April 30 after prior attempts to launch the IPO were hampered by the pandemic and while Caixa was advised by alternate legal counsel. As part of the transaction, Caixa Economica Federal sold part of its ownership interest in the insurance unit.

Hogan Lovells acted as international counsel to the issuer and selling shareholder. The team was led by São Paulo Office Managing Partner Isabel Costa Carvalho, New York partner Sina Hekmat, and New York/ São Paulo counsel David Contreiras Tyler. They were assisted by São Paulo associates Arthur Amaral and Ana Pongeluppi, and New York Visiting International Associate Camila Smith.

The Brazilian counsel to the issuer and selling shareholder was Machado Meyer Sendacz Opice Advogados.

This is the fifth IPO successfully listed on Brazil’s B3 exchange that Hogan Lovells has advised on this year. In February the firm advised placement agents BTG Pactual, Citigroup, Itaú BBA, and Santander Investment Securities in connection with the R$1.13 billion (US$210 million) IPO of Intelbras, the issuer Bemobi Mobile Tech S.A. in relation to its R$1.1 billion (US$204.1 million) IPO, and  placement agents BTG Pactual, J.P. Morgan, Citigroup and XP Investimentos in connection with the R$1.0 billion (US$192.7 million) IPO of Westwing Comercio Varejista S.A.