Davis Polk advised Banco do Brasil Securities LLC, J.P. Morgan Securities LLC, Bradesco Securities, Inc., Itaú BBA USA Securities, Inc., BTG Pactual US Capital LLC, Citigroup Global Markets Inc., Brasil Plural Securities LLC and Banco Votorantim Securities as joint bookrunners on the Rule 144A/Regulation S initial public offering of common shares of BB Seguridade Participações S.A. on the São Paulo Stock Exchange. The selling shareholder, Banco do Brasil S.A., sold an aggregate of 675 million shares for a total of approximately R$11.4 billion ($5.7 billion). BB Seguridade’s IPO is the second-largest initial public offering ever by a Latin American issuer and the largest global initial public offering to date in 2013.
BB Seguridade is the insurance arm of Banco do Brasil, the largest bank in Latin America in terms of total assets, with over 58.5 million customers. BB Seguridade’s activities consist of two complementary businesses, insurance products and brokerage services for each product.
The Davis Polk corporate team included Manuel Garciadiaz, Andrew Lyle, Debora A. Ayoub and Rodrigo Moreira. The tax team included Kathleen L. Ferrell and Kerry S. Price. Catherine L. Martin provided Investment Company Act advice. Erin K. Cho provided ERISA advice. Inés Velasco was the legal assistant for the transaction. All members of the Davis Polk team are based in the São Paulo, New York and Washington DC offices.
