July 8, 2019

Milbank Advises Cencosud Shopping on Landmark IPO

Transaction marks largest-ever IPO on Santiago exchange

Milbank LLP advised Cencosud Shopping S.A., as issuer, and Cencosud S.A., as selling shareholder, in Cencosud Shopping’s initial public offering of 472 million shares of common stock representing approximately 28% of the outstanding capital stock of Cencosud Shopping. The transaction consisted of an international offering and a concurrent public offering in Chile. The transaction was the largest ever IPO in Chile to date, valued at $1.03 billion.

The Milbank deal team was led by partner Marcelo Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, along with special counsel Sam Badawi and associates Gonzalo Guitart, Flora Gonzalez and Sonia Lopez. The team also included Tax partner Andrew Walker and associate Benjamin Heller.

Mr. Mottesi said: “We are pleased to once again take a leading role in a landmark issuance by a Latin American company.”

Milbank has previously advised Cencosud on several significant transactions, including its $1 billion global bond offering and concurrent tender offers in 2017, its $450 million secondary international offering in 2016, its 2015 two-tranche $1 billion global debt offering pursuant to Rule 144A and Regulation S and its 2012 NYSE IPO and subsequent acquisition of Carrefour assets in Colombia.