Global law firm White & Case LLP has advised Qatar Holding LLC (“Qatar Holding”), the strategic and direct investment arm of the Qatar Investment Authority, on its purchase of US$2.719 billion of 6.75% Mandatorily Exchangeable Bonds due 2013 issued by Banco Santander, S.A., which are exchangeable into approximately 5% of the shares of Banco Santander (Brasil) S.A.
“We were pleased to have again had the opportunity to advise Qatar Holding in the acquisition of a significant stake in a major financial institution. This was a complex transaction that required drawing on the resources of our global network across a number of disciplines. We were fortunate to have had excellent deal teams on both sides of the table, which was certainly necessary to complete a complicated transaction of this type within a challenging time frame,” commented Ken Ellis, a Doha-based partner at White & Case.
The 3-year bonds will pay an annual coupon of 6.75% and are exchangeable into Santander Brasil units at a reference price of BRL23.75 per unit. The transaction closed on 29 October 2010.
Don Baker, a São Paulo-based partner of White & Case, said that: “Advising Qatar Holding on this major venture into Brazil was a privilege for us. There remains significant interest in participating in the growing Brazilian economy on the part of major international institutions and we expect significant investments into Brazil to continue.”
White & Case LLP’s team advising Qatar Holding was led by Ellis and Baker, together with associates Tomas Cerdan (London) and Michiel Visser (Paris). The deal team also included partners John Vetterli (São Paulo), William F. Wynne, Jr. and Colin J. Diamond (New York); and associates Ranjit Golar, Mitchell Lightowler (London); Geoffrey Thompson (São Paulo); and Kaleb Honsberger (New York).
Cuatrecasas, Gonçalves Pereira acted as Spanish counsel to Qatar Holding and Machado, Meyer, Sendacz e Opice Advogados acted as Brazilian counsel.
