Walkers Acts on Magazine Luiza's $115 Million acquisition of Netshoes

Walkers is pleased to have acted as Cayman Islands legal counsel, and as co-counsel alongside Milbank LLP, for Magazine Luiza S.A. ("Magalu") in respect of the recent merger of Magazine Luiza Cayman Ltd (Magalu's wholly-owned Cayman Islands subsidiary) with New York Stock Exchange listed online sporting goods retailer Netshoes (Cayman) Limited (NYSE:NETS) ("Netshoes") for cash consideration of US$3.70 per share (the "Merger"), equivalent to a total Merger value of approximately US$115 million.

The Merger represents a strategic acquisition for Magalu, one of Brazil's largest physical and online retailers. During the course of the Merger Magalu were faced with the need to evaluate repeated competing offers from a competing bidder. The Magalu offer was strengthened by having obtained necessary anti-trust approvals in Brazil and two subsequent increases to the cash consideration offered in response to the competing bids. Magalu's offer was recommended by the Board, and ultimately accepted by shareholders at an extraordinary general meeting of Netshoes held in São Paulo.

The Walkers team that advised on corporate, mergers & acquisitions, corporate governance and all general aspects of the deal was led by Caroline Williams (Partner) and Theo Lefkos (Partner) and assisted by Chris Brett Young (Associate), James Campbell (Associate), and Daniel Walford (Associate). On the dispute resolution aspects of the deal, the team comprised Rupert Bell (Partner), Nick Dunne (Partner) and Siobhan Sheridan (Associate).