Advent International acquires majority stake in Prisma Medios de Pago.
PRESS RELEASE
Buenos Aires, 29 January 2019. On January 22nd, the signing of the agreement to transfer 51% of Prisma Medios de Pago S.A. shares in favor of Advent International Corporation took place. Prisma is the leading payment company in Argentina, in turn a licensee of the VISA brand and the owner of Banelco, Todo Pago and Pago mis Cuentas. In this transaction, Beccar Varela and Covington & Burling LLP advised Prisma Medios de Pago S.A. as well as the sellers – as deal counsels-, while Baker McKenzie advised the buyers.
The sellers are the fourteen most important banks in Argentina and Visa International Service Association, who will keep the remaining 49% of Prisma’s shares. This transaction is carried out within the framework of a divestment agreement with the National Competition Commission. It is a milestone, since it is the most important sale in recent years, as well as the probable leader in the reopening of other strategic investments in the country. It is also expected that this investment will boost the growth of electronic means of payment and not just the use of credit cards.
The sale price will be approximately US$724 million. The operation was instrumented as a sale of shares, a shareholder’s agreement and debt instruments and guarantees for part of the price financed. The closing of the transaction will take place in the forthcoming days.
Counsel for the transaction to Prisma Medios de Pago S.A. and to the sellers
In Argentina
Beccar Varela: partners Roberto H. Crouzel, María Shakespear, María Benson, Agustín Waisman, Pablo J. Torretta, José M. Puccinelli and Santiago L. Montezanti, and associates Carolina Serra, Valeria Kemerer, Gustavo Papeschi, Ivana Grossi, Luciana Liefeldt, Tomás Peña and Juliana Sheridan.
In USA
Covington & Burling LLP: Sergio Urias, Laura Torre, Laura Bleier, Andrew Heather, Ansgar Simon, Brian Rosenzweig, Sharon Freiman, Peter Schwartz, Brent Little, Christopher Yen, Jennifer Saperstein, Ashley Sprague, Santiago Zalazar, Nicole Duclos, Paris Aboro, Michael Nonaka, Kimberly Strosnider and Jenny Konko.
Counsel to Advent International Corporation
In Argentina
Baker McKenzie (Buenos Aires): partners Vanina Caniza, Gabriel Gómez-Giglio, Gustavo Boruchowicz, Francisco Fernández-Rostello, Mercedes Masjuan, Esteban Rópolo and Geraldine Mirelman, and associates Martín Roth, Felipe Graham, Cecilia Máspero, Guido Demarco, Candelaria Munilla, Marcos Sassot, Ayelén León and Ana Paula Gallardo.
In USA
Baker McKenzie (New York and Chicago): partners Alan Zoccolillo, Steven Canner, Garry Jaunal and Emeka Charles Chinwuba, and associate Jae Cho and Jason Kramer.