Magazine Luiza S.A. (BVMF: MGLU3) has announced that it has entered into an agreement to acquire Netshoes (Cayman) Limited (NYSE: NETS) through the merger with a wholly-owned subsidiary of Magazine Luiza for a price per share equal to $2.00 and an estimated total consideration equal to approximately $62 million. The transaction is subject to the satisfaction of certain conditions precedent, including approval by Netshoes’ shareholders and by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE), the Brazilian antitrust agency.
Milbank LLP is advising Magazine Luiza in connection with the transaction. The Milbank team is led by partners Fabiana Sakai and Scott Golenbock, special counsel Francisco Nuñez, associates Hannah Hwang, Marcella Gurgel, Catherine Chong and Ana Bueno. Advice is also being provided by Tax partner Max Goodman and associate Archan Hazra; Executive Compensation partner Joel Krasnow and associate Kelly Bartley; Antitrust partner Fiona Schaeffer; Intellectual Property special counsel Nate Browand; and Litigation partner Dan Perry and associate Nikki Nielson.
