Monday, January 17, 2022

Brazilian mall operator Aliansce Sonae is offering a merger of equals to BR Malls

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SAO PAULO () – Brazilian company Aliansce Sonae announced on Friday that it has submitted a non-binding offer to merge with other shopping center operator BR Mall, confirming the move expected since the end of December.

According to the Aliansce Sonae equities application, BR Mall shareholders have offered to merge 50% of the new company and its peers who will receive cash payments.

BR Mall shareholders will receive 265 million new ordinary shares of Aliansce Sonae, or 50 percent of its charter capital, with an ordinary 0.32 ordinary share exchange rate for each ordinary share in BR Mall, Aliansce said.

The cash payment is 1.35 billion reais ($ 244.18 million) or about 20 percent of BR Mall’s market capitalization, he added.

“This merger of equal rights has the potential to strengthen the business of a combined company using the talents and best practices of each company … It should also create a number of opportunities for growth,” Aliansce said.

According to Refinitive Eikon, Aliansce Sonae currently has a real market capitalization of 5.21 billion, while BR Malls has a real market capitalization of 6.85 billion.

Aliansce is backed by the Canadian Pension Plan Investment Board (CPPIB), which also has European shopping mall operator ECE and co-founder and chairman Renato Rike as major shareholders.

($ 1 = 5.5286 real)

Interview by Gabriel Araujo; Edited by Jason Neely

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