Davis Polk advised Arcos Dorados Holdings Inc. in connection with its SEC-registered initial public offering of 84,506,788 Class A shares for an aggregate price to the public of approximately US$1.4 billion. Arcos Dorados sold 9,529,412 Class A shares and certain selling shareholders sold 74,977,376 Class A shares, including 11,022,624 Class A shares sold to the underwriters pursuant to an over-allotment option. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Itau BBA and Citi acted as joint bookrunners for the offering. Arcos Dorados’ Class A shares are traded on the New York Stock Exchange under the symbol “ARCO.” 

Headquartered in Buenos Aires, Argentina, Arcos Dorados is the world’s largest McDonald’s franchisee, in terms of systemwide sales and number of restaurants, and the largest quick service restaurant chain in Latin America and the Caribbean, with restaurants in 19 countries and territories. 

The Davis Polk corporate team included partners Maurice Blanco and Andrés Gil, associates Roman Ajzen and Meghan Maloney and foreign temporary associate Federico Wilensky (admitted only in Argentina). Partner Rachel D. Kleinberg of the Menlo Park office, counsel Leslie J. Altus and associate Catherine P. Tennant provided tax advice. Partner Edmond T. FitzGerald and associates Gillian Emmett Moldowan and Jennifer Freiman provided employee benefits advice. Associate Catherine L. Martin provided advice on issues relating to the Investment Company Act of 1940. Inés Velasco was the legal assistant on the transaction. Except as noted above, all members of the Davis Polk team are based in the New York office.