Different firms advise on Banco Macro’s acquisition of Banco Itaú Argentina

Bruchou & Funes de Rioja and Skadden have advised Banco Macro in connection with a share purchase agreement with Itaú Unibanco Holding, through its affiliates Itaú Unibanco, Banco Itaú BBA and Itaú Consultoria de Valores Mobiliários e Participaçoes, pursuant to which Banco Macro, through its affiliates Itaú Unibanco, Banco Itaú BBA and Itaú Consultoria de Valores Mobiliários e Participaçoes, subject to the fulfilment of certain conditions (mainly approval by the Central Bank of Argentina), will acquire from Itaú the shares representing 100% of the share capital and votes of Banco Itaú Argentina, Itaú Asset Management and Itaú Valores.

This transaction was announced on 23 August, for an agreed price of US $50,000,000, which will be paid on the closing date of the transaction, and an additional amount resulting from a possible adjustment. Beccar Varela and Milbank acted as advisors to Itaú.

Juliana Simões Dias Orselli and Djhaynne Dalmonico Nunes acted as in-house counsels to Itaú.

Bruchou & Funes de Rioja’s team consisted of partners Hugo Bruzone (pictured top left) and Estanislao H. Olmos (pictured top centre), associates Agustina Rocca, Franca Stafforini, Stefanía Ferro, Nicolás Yaryura Tobias and Sol Scelzi.

Skadden’s team included partner Paola Lozano (pictured top right), counsel Hilel Pohulanik and international associate Juan Jose Romano Blanco. All lawyers are based in New York.

Beccar Varela’s team was led by partner Daniel Levi (pictured bottom left), with support from counsel Eugenia Radaelli and associates María Inés Cappelletti, Franco Montiel and Jorge Pico, as well as paralegal Serena Juarros.

Milbank’s team included partners Fabiana Sakai (pictured bottom centre) and Scott Bolenbock (pictured bottom right) from São Paulo and New York, respectively.