Grupo Rey to be Acquired by Corporación Favorita
11.20.18
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Simpson Thacher is representing Rey Holdings Corp (“Grupo Rey”) and Grupo Rey’s majority shareholders in connection with the proposed sale of a controlling interest in Grupo Rey to Corporación Favorita, C.A. (“Favorita”). Favorita will execute the acquisition through a tender offer in Panama for at least 60% of the outstanding shares of Grupo Rey. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2019.
Grupo Rey is a leading retail company in Panama founded in 1958, with 80 stores across the country.
Favorita is an Ecuadorian conglomerate with operations across 6 countries in Latin America. Favorita operates 311 stores under several formats that cater to different market segments.
The Simpson Thacher team for the transaction included Jaime Mercado, Luis Pellerano and Enrique Güijosa (Corporate) and Nicole Humphrey (Tax).