The multinational sports clothing and footwear manufacturer and marketer Under Armor reached an agreement to sell its Brazilian subsidiary UA Brasil Comércio e Distribuição de Artigos Esportivos to the Brazilian multinational of the same branch Vulcabras Azaleia -Ce Calçados e Artigos Esportivos.
In the transaction, Pinheiro Neto Advogados advised Vulcabras Azaleia in its role as buyer, while Azevedo Sette Advogados represented the subsidiaries of Under Armor, Under Armor Europe BV and Under Armor UK Limited, holders of the shares of the Brazilian company acquisition.
According to Pinheiro Neto, the transaction was announced on July 10 but it is still pending closure, due to the negotiation of operational operating agreements and the use of the Under Armor brand and its other denominations registered in the Brazilian market.
The value of the transaction was not disclosed by the parties involved.
Under Armor is a multinational clothing, footwear and sports accessories, founded by ex-football player Kevin Plank in 1996 and one of its key differentiators is the incorporation of cutting-edge technology in its different products, in terms of improving the conditions for sports, especially the high performance.
The company has professional and amateur lines. It is a multinational company with its own offices and plants in the United States, Canada, China and Europe.
For its part, Vulcabras Azaleia is a manufacturer and marketer of sportswear and footwear founded in 1956. Its first icon product was the footwear model Vulcabras 752, in whose tribute the company adopted its corporate brand.
Legal Advisors
Advisors of Vulcabras Azaleia -Ce Calçados e Esportivos Artigos:
Pinheiro Neto Advogados (São Paulo): Partners Carlos Lima and Pythagoras Carvalho. Associates Mariana A. Tomazelli Bassoli and Jessica Yuri Tabata.
Advisors of Under Armor Europe BV and Under Armor UK Limited:
Azevedo Sette Advogados (São Paulo): Members Luiz Azevedo Sette and Alexandre Lins Morato. Senior Associate Vanessa Soares Lanfranchi.