Cuatrecasas advises CVC on acquiring 24.99% of Sonae MC for €528 million

Cuatrecasas has advised CVC, a world leader in Private Equity, on acquiring 24.99% of Sonae MC

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The Private Equity house CVC, through its Strategic Opportunities Funds, has entered into an agreement with Sonae MC, to acquire a minority stake of 24.99% for €528 million in cash proceeds, plus a contingent deferred payment of up to €63 million.

A spokesperson from CVC stated: “This agreement establishes a strategic partnership between one of the largest Portuguese economic groups and a top-tier investor that shares the same vision as Sonae MC and supports its growth plan, while Sonae retains a controlling position.”

The transaction involved a multidisciplinary team of lawyers from the Lisbon and Madrid offices of Cuatrecasas. They were led by the Portuguese Corporate/M&A coordinating partner Mariana Norton dos Reis (pictured left) and Spanish partner Javier Martí-Fluxá (pictured right), as well as the associates João von Funcke and Miguel Lencastre Monteiro.

Other members of the team included partners Pedro Marques Bom from the Competition and EU Law Area, Pedro Vidal Matos and Rebeca Rodríguez Martínez from the Tax Area, Manuel Requicha Ferreira and counsel Margarida Leal Oliveira from the Finance Area and counsel Sandra Lima da Silveira from the Labour Area.

Mariana Norton dos Reis said: “It was a memorable transaction, not only because the target is a reference group in the Portuguese market, but because our client is one of the world’s Private Equity giants, having been very demanding at all levels, with a truly challenging timing.”

Morais Leitão advised Sonae and from their side the operation was led by Eduardo Paulino and Magda Viçoso (partners) with the support from Carlos Osório de Castro (partner), Joaquim Vieira Peres (partner), Tiago Félix da Costa (partner), Margarida Torres Gama (senior lawyer), Inês Magalhães Correia (principal associate), Inês Gouveia (senior lawyer), Vasco Stilwell d’Andrade (senior lawyer) and Diana Ettner (consultant), who also worked on this matter.

The transaction is expected to be completed in August 2021.

Michael Heron