The Firm represented BofA Securities, Inc., Itau BBA USA Securities, Inc., Santander Investment Securities Inc., Morgan Stanley & Co. LLC, BTG Pactual US Capital, LLC, Citigroup Global Markets, Inc. and Credit Suisse Securities (USA) LLC, as placement agents, in connection with the initial public offering of 399,426,570 common shares of Hidrovias do Brasil S.A. (“Hidrovias”) on the São Paulo Stock Exchange (B3), at a price per share of R$7.56. The offering was 100% secondary and raised R$3.4 billion in the aggregate, making it, to date, the largest IPO of 2020 on the B3.
The common shares were offered to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in reliance on Regulation S. The shares of Hidrovias are traded on the B3 under the ticker symbol “HBSA3.”
Hidrovias is one of the largest independent integrated logistics providers focused on waterway logistics services in Latin America, providing integrated waterway logistics, transportation, storage and related services mainly under long-term take-or-pay contracts.
The Simpson Thacher team included S. Todd Crider, Grenfel S. Calheiros, Luiz F. Noronha, Luana Torres and Alexandre Portnoi (Capital Markets); and Jonathan Cantor and Suzy Yaster (Tax).