Saturday , December 5 2020

Brazil retailer raises $1b in share sale

Bloomberg

Lojas Americanas, the Brazilian retailer controlled by billionaire trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, raised at least $1.1 billion in a share sale, four people familiar with the transaction said.
The firm sold preferred shares at 34.50 reais ($6.43) each, the people said, asking not to be named because the information isn’t public yet. It also sold voting stock at 29.78 reais apiece, the people said. That would mean it raised at least 5.83 billion reais. The deal also includes a possible over-allotment that could increase the amount to as much as 7.9 billion reais, according to calculations based on the prospectus.
Lojas Americanas didn’t immediately reply to a request for comment outside business hours. Part of the proceeds will help e-commerce firm B2W Cia Digital, in which Lojas Americanas owns a 61.4% stake in, to up its game.

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