Simpson Thacher represented J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the underwriters, in connection with the initial public offering by Patria Latin American Opportunity Acquisition Corp. (the “Company”), a special purpose acquisition company, of 23,000,000 shares of its units (which includes the exercise in full of the underwriters’ option to purchase an additional 3,000,000 Units), which raised $230 million in gross proceeds. The initial public offering closed on March 14, 2022.
Each unit consists of one of the Company’s Class A ordinary shares and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one of the Company’s Class A ordinary shares at a price of $11.50 per share. The units have begun trading on Nasdaq under the symbol “PLAOU” and, once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are also expected to be listed on Nasdaq under the symbols “PLAO” and “PLAOW,” respectively.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or sector, geography, or stage, the Company intends to focus its search in Latin America and in sectors where Patria has developed investment expertise (including but not limited to healthcare, food and beverage, logistics, agribusiness, education, and financial services). The Company’s sponsor is associated with the Brazilian asset management firm Patria Investments Limited (NASDAQ: PAX).
The Simpson Thacher team for this transaction included S. Todd Crider, Grenfel S. Calheiros, Joshua Bernard and Siddharth Fresa (Capital Markets); Russell Light and William Smolinski (Tax); and Jennie Getsin (FINRA).