Simpson Thacher represented Kora Saúde Participações S.A. (“Kora”) in connection with its initial public offering in Brazil. The offering consisted of a primary offering of 106,933,444 common shares, at a price a price per share of R$7.20, and raised an aggregate of approximately R$770 million in proceeds. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended. The syndicate of international placement agents included Itau BBA USA Securities, Inc., Bradesco Securities, Inc., XP Investments US, LLC, Santander Investment Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Safra Securities, LLC.
Kora is one of Brazil’s largest independent chains of private hospitals. Kora intends to use the net proceeds of the offering for (i) inorganic expansion through the acquisition of assets; (ii) expansion of existing assets (brownfield); (iii) opening of new hospitals (greenfield); and (iv) expansion of other hospital segments (oncology, imaging, diagnosis).
The Simpson Thacher team for the transaction included Grenfel S. Calheiros, Luiz Noronha and Raissa Fini (Capital Markets – São Paulo); and Andrew B. Purcell and Dmitry Zelik (Tax – New York).