Azevedo Sette provided legal advice to Mapfre in the restructuring of the joint venture BBMapfre with Banco do Brasil and acquisition of shares. Mapfre and Banco do Brasil Seguridade previously had 50% each of the holding companies SH1 (Mapfre S.A./Mapfre Internacional S.A./Mapfre Brasil Participações S.A.) and SH2 (Banco do Brasil S.A./ BB Seguros Participações S.A.) which, for their term, hold the totality of the corporate capital of several insurance companies in Brazil.
After the transaction, Mapfre became the owner of 100% of the shares representing the corporate capital of SH2 and the corporate capital of SH1 is now divided between Banco do Brasil with 75% and Mapfre with 25%. Many governance rules affecting SH1 and the insurance companies controlled by it were amended as to reflect its new corporate structure. Amount Involved: R$ 2,274,188,751.00. Deal was closed on 11/30/2018 (including previous approvals required such as Regulatory Agencies).
Counsel to Mapfre
Corporate: partners Ordélio Azevedo Sette; Rafael Adler; Ricardo Azevedo Sette; senior lawyers Alessandra Martins de Souza; Vanessa Soares Lanfranchi. Tax: partner Leandra Guimarães; consultant Luciana Marques Rodrigues Tolentino. Insurance: partner Jaqueline Suryan. Compliance Antitrust: partner Luiz Eduardo Ribeiro Salles.
Counsel to BB