- Baker McKenzie Argentina led the team that included Chicago and New York offices
- Shares will be sold for USD 724 million by some of the top banks in Argentina
- Deal is the first major transaction in Argentina following the 2018 crisis
Global law firm Baker McKenzie announced today that it led the advising of Advent International, one of the largest and most experienced global private equity investors, in its acquisition of a 51% stake in Prisma Medios de Pago, Argentina’s leading payments company. Baker McKenzie’s team of advisors was led by members of its office in Argentina who were joined by attorneys in Chicago and New York.
Advent International acquired its stake in Prisma Medios de Pago from a group of 14 Argentinian banks and Visa International. The company’s existing shareholders will retain a 49% stake in the company. The transaction valued the totality of Prisma Medios de Pago at US$1.42 billion.
This deal represents the first “regulatory driven” transaction agreed with the Argentine Antitrust Authority to meet its deadline in Argentina.
Advent was advised by Baker McKenzie which acted as lead counsel. The Baker McKenzie team in Buenos Aires was composed by partners Vanina Caniza, Gabriel Gómez-Giglio, Gustavo Boruchowicz, Francisco Fernández-Rostello, Mercedes Masjuan, Alejandra Bugna, 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.
"This deal represents the first major transaction in Argentina following the 2018 crisis and effectively reopens the country’s strategic inbound investments. This is a highly valued market because of the value of its assets and the growth opportunities available in Argentina and Latin America," commented Vanina Caniza, M&A partner at Baker McKenzie Argentina who led the Advent transaction along with partners Gabriel Gomez-Giglio and Francisco Fernandez Rostello.
Additionally, Baker McKenzie offices in New York and Chicago also acted as lead counsel. The Baker McKenzie US team was composed by its partners Alan Zoccolillo, Steven Canner, Garry Jaunal and Emeka Charles Chinwuba and associates Jae Cho and Jason Kramer.
“We are pleased to have advised Advent international in its acquisition of a majority stake in Prisma Medios de Pago. By working seamlessly across borders as a cohesive team with our colleagues in New York and Chicago, we helped our client complete one of the most important recent transactions in Argentina,” said Gabriel Gomez-Giglio, Latin American regional head of the Banking & Finance Group at Baker McKenzie. “Baker McKenzie prides itself in its cross-border transactions expertise and this deal was no exception. We appreciate the trust that Advent International and all of our clients place in our expertise of local markets and global capabilities.”
Advent’s acquisition was executed through a Stock Purchase Agreement and a Stockholders' Agreement, and included the execution of Seller Notes, Pagarés, Pledge Agreement and a Trust Agreement in order to guarantee the deferred payment. "The complexity of the transaction required guarantees on the portion of the deferred payment that included pledge, trust and usufruct agreements, as well as promissory notes. One of the most attractive features of Advent’s offer was the granting of a put in favour of the sellers over the remaining 49% of the shares - currently held by the Banks,” said Francisco Fernandez Rostello, a partner in Baker McKenzie Argentina's Transactional team.