Cleary Gottlieb represents underwriters in BBB Foods offering
Cleary Gottlieb has advised a consortium of underwriters in BBB Foods’ $593 million secondary follow-on offering, representing the first equity capital markets transaction out of Latin America in 2025. The deal involved the sale of 21 million Class A common shares by certain selling shareholders.
BBB Foods’ positions as a pioneer in Mexico’s grocery retail sector, including packaged foods, beverages, tobacco, personal care items, house cleaning products, and over-the-counter healthcare items.
Ritch Mueller represented J.P. Morgan, Morgan Stanley, BTG Pactual, Santander, and Scotiabank, all acting as underwriters for the offering of 21,000,000 Class A common shares. As part of the deal, the underwriters have been granted an over-allotment option to purchase up to 3.15 million additional Class A common shares from certain selling shareholders. The shares were priced at $28.25 each, raising approximately $593.25 million in gross proceeds. The offering closed on February 7, 2025.
The Cleary Gottlieb team advising on the transaction was led by partners Jorge Juantorena (pictured left) and Manuel Silva (pictured right), supported by law clerk José Juan Vázquez Orendain and associate Arlene Lopez. Tax matters were handled by partner Matt Brigham and associates Jack Samuel and Victoria Ju, while senior attorney Elizabeth Chang provided counsel on FINRA-related issues. All members of the legal team are based in Cleary Gottlieb’s New York office.
For Ritch Mueller, Gabriel del Valle Mendiola was the lead partner along with lawyers Alonso Montes de Oca Márquez and Ernesto Talamás Velázquez. Other firms advising the transaction were Simpson Thacher and Greenberg Traurig.
