The operation of transformation of Atlético-MG into a Soccer Corporation (Sociedade Anônima do Futebol - SAF) was completed last Wednesday (November 1st).
Azevedo Sette advised Clube Atlético Mineiro on its transformation into SAF and the sale of 75% of its shares to Galo Holding, for a total amount of BRL 917 million.
Our M&A team, led since the beginning of the pre-SAF corporate organization process by the partners Luiz Sette and Luis Miraglia, relied on excellent work from lawyers Natália Meirelles, Pedro Castro, Gabriela Lima Nogueira and Matheus Agostinho, also with support from the Tax area with the partner Bruno Felippe Almeida, from the Competition area with the partners Luiz Eduardo Salles and Lucas Mandelbaum, from the Litigation and Reorganization area with the partner Marcos Augusto Leonardo Ribeiro, and from the TMT, Privacy and Data Protection area, with the lawyer Bruna Bigas. With support from EY and Banco BTG.
We have been working with the club, the board, and the managers of Atlético for over a year, preparing the team to obtain all Board approvals and transfer assets and debts to a Soccer Corporation. We assisted Atlético in the process of financial restructuring, mergers and acquisitions, and submission and approval before CADE and other competent bodies. We advised Atlético on the restructuring of Arena MRV, on the transfer of Arena MRV and the Training Center to the SAF.
Galo Holding, controlled by the Menin Family, was advised by the firm Demarest Advogados, with the partners José Diaz, Andre Novaski, Bruno Drago, Fabio Braga, João Luis de Almeida, Marcello Pedroso, Tatiana Campello and associates Betina Portella Ferreira, Bianca Reis, Camila G. Dayrell Garrote, Fausto Muniz Miyazato Teixeira, Guilherme Inaba, Job Pitthan, Joao Godoy, Marcelo Peloso, Marco Antonio Fonseca, Renato Dale, and Rodrigo Zilio.
This is the largest and most complex transaction ever carried out in Brazilian soccer, with one of the most prominent teams in the country, with a complex debt structure, as well as a brand new stadium and a combination of investors.
The Club’s soccer-related assets were valued at 2.1 billion, including the MRV Arena and Cidade do Galo. SAF, in addition to assuming all the debts related to the Club’s soccer department, will receive an amount of BRL 917 million from Galo Holding, in exchange for 75% of its shares.
Atlético Mineiro is the 5th largest team in number of fans in Brazil, current four-time champion of Minas Gerais, recently won the Brazilian Super Cup (2022); Brazilian Championship (2021); and Brazilian Cup (2021). This year, it was recognized as winner of the Brazilian Championship of 1937, becoming three-time champion of the competition.
See the full note released by Atlético
Belo Horizonte, November 1st, 2023
Galo is pleased to announce the successful completion of the operation of transformation into Soccer Corporation (SAF), and the acquisition of 75% of SAF’s shares by Galo Holding.
This transition represents a milestone for the institution, and demonstrates our commitment to seeking new opportunities for growth and sustainable development.
Galo thanks the partners who helped it in this negotiation (EY, Banco BTG, and Azevedo Sette), and reaffirms its commitment to Massa, commercial partners, and other stakeholders, that this operation aims to establish management focused on competitiveness, corporate governance, and financial sustainability.
The transition to SAF and the acquisition of shares by Galo Holding were approved by the competent bodies, and followed all requirements and regulations established by regulatory bodies and sport authorities.
The Club’s assets were valued at 2.1 billion reais. The soccer department, Arena MRV, and Cidade do Galo are included in the SAF.
Unlike others constituted in Brazilian soccer, the SAF of Galo is made up of Atlético fans, people who have had a connection with the Club since childhood. Another difference is that the SAF of Galo will assume responsibility for paying 100% of the Association’s debts, which will remain with Sede Lourdes and the clubs Labareda and Vila Olímpica.
Regarding Clube Atlético Mineiro – An increasingly national passion, Galo is one of the biggest winners in Brazilian soccer today. Current four-time champion of Minas Gerais, recently won the Brazilian Super Cup (2022); Brazilian Championship (2021); and Brazilian Cup (2021). This year, it was recognized as winner of the Brazilian Championship of 1937, becoming three-time champion of the competition.
Regarding Galo Holding – Holder of 75% of the SAF of Galo, Galo Holding represents SAF investors, excluding the Association. Galo Holding is made up of the Menin Family; Ricardo Guimarães; and two investment funds (FIGA and FIP).