Pinheiro Neto advises Magalu on the acquisition of Hub

Pinheiro Neto Advogados advised Revista Luiza S.A. on its R$240 million acquisition of Hub Participações Pré-Pagas S.A.

Pinheiro Neto Advogados acted as legal counsel to Revista Luiza S.A. (“Magalu”) in the acquisition by its subsidiary Magalu Pagamentos S.A. of 100% of Hub Participações Pré-Pagas S.A. and its four subsidiaries, including Hub Pagamentos S.A., a payment institution authorized by the Central Bank of Brazil, and an Argentine subsidiary (“Hub”).

Magalu is one of the largest Brazilian retailers of electronics and home appliances, and the acquisition of Hub is an important step for this large company to enhance its financial and payment services targeted at businesses – sellers on Magalu’s e-commerce platform – and individual end customers connected on Magalu’s SuperApp, without relying on other financial or payment institutions.

Through synergies between Magalu’s current business and the Hub’s infrastructure, technologies and licenses, Magalu will accelerate and reduce costs to offer payment accounts with a full portfolio of services to its customers, and its integration with the Brazilian Payment System and the Brazilian Instant Payment System (PIX).

Pinheiro Neto Advogados had several areas and had partners Bruno Balduccini (pictured left), Ricardo Binnie (pictured centre), Cristianne Zarzur (pictured right), senior associates Ana Paula Kleindienst, Gláucia Gomes Menato. Partners Fernão Mesquita, Lucas Bretones, legal assistant Daniel Alcântara, and Beatriz Kenchian.

Mayer Brown advised Hub.