Skadden advises BTG Pactual, the Brazilian investment bank, in the spin-off of its commodity trading unit.
The deal, valued at $1.6 billion, covers the bank´s commodities trading activities with the exception of those carried out by its Brazilian energy trading desk. The move will allow BTG Pactual to free up capital.
In a securities filing, BTG Pactual said the move will give shareholders ownership of 65 percent of the unit, which will be renamed Engelhart Commodities Trading Partners.
The team at Skadden included partners Michael Civale and Victor Hollender in New York, Filipe Areno in São Paulo and James Anderson in London.