The São Paulo office of the Firm recently represented the underwriters, led by Itau BBA USA Securities, Inc., Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc., in connection with the global offering of preferred shares of Telefonica Brasil, including preferred shares in the form of ADSs. The ADSs are listed on the New York Stock Exchange, and the preferred shares are listed in Brazil on the BM&FBOVESPA stock exchange. The global offering raised net proceeds of approximately US$5.5 billion, which Telefonica Brasil intends to use to the fund the cash portion of the previously announced €7.2 billion acquisition of Brazilian telecommunication company GVT, repay certain GVT indebtedness following completion of the acquisition and improve its own liquidity.
Telefonica Brasil is the leading telecommunications company in Brazil, with a particularly strong position in postpaid mobile services. Telefonica Brasil is controlled by Telefónica, S.A., one of the largest telecommunications companies in the world.
The Simpson Thacher team includes Todd Crider (Corporate—New York); Grenfel S. Calheiros, Geoff Thompson and Tosca Augustin (Corporate—São Paulo); Rob Holo and Jacqueline Barbera (Tax—New York); and Jennie Getsin (FINRA—New York).
Source: www.stblaw.com
