Hogan Lovells advises Caixa Seguridade on the first Brazilian equity offering in 2025

Press releases | 26 March 2025

São Paulo, 26 March 2025 – A cross-practice team at global law firm Hogan Lovells has advised Caixa Seguridade Participações S.A. (B3: CXSE3) (“Caixa Seguridade”), a leading Brazilian insurance holding company, on the public secondary offering of 82,380,893 common shares owned by Caixa Econômica Federal, for an aggregate amount of approximately BRL1.2 billion (USD227 million). The offer involved the sale of 2.75% of Caixa Seguridade’s share capital, designed to increase its free float and ensure compliance with the B3’s Novo Mercado listing requirements, and represents the first public equity offering in Brazil in 2025.

The shares were publicly offered in Brazil under CVM Resolution 160, with coordination from Itaú BBA Assessoria Financeira S.A., Caixa Econômica Federal, BTG Pactual Investment Banking Ltda., Bank of America Merrill Lynch Banco Múltiplo S.A., and UBS BB Corretora de Câmbio, Títulos e Valores Mobiliários S.A. The international placement agents included Itaú BBA USA Securities, Inc., BTG Pactual US Capital, LLC, BofA Securities, Inc., and UBS Securities LLC. In the United States, the shares were offered to qualified institutional buyers as defined under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S of the Securities Act.

The Hogan Lovells deal team was led by Isabel Costa Carvalho (Capital Markets, São Paulo) and Jonathan Lewis (Capital Markets, São Paulo), with support from partners David Olstein (Tax, New York), Scott R. Lilienthal (Tax, Washington D.C.), and Henry Khan (Regulatory, Baltimore and Washington D.C.). The team of associates involved included Ana Laura Pongeluppi (Capital Markets, New York), Felipe Lacerda (Capital Markets, São Paulo), Leah Mazzuco (Capital Markets, São Paulo), Sophia de Maio (Capital Markets, São Paulo), and Pedro Meinberg (Capital Markets, São Paulo).