Ropes & Gray Serves as U.S. Counsel to Advent International and Grupo BIG in the Sale of Grupo BIG to Grupo Carrefour Brasil
Ropes & Gray served as U.S. counsel to Advent International Corp. and Grupo BIG Brasil S.A., Brazil’s third-biggest food retailer, in the sale of Grupo BIG to Grupo Carrefour Brasil. The transaction values Grupo BIG at an enterprise value of R$7 billion or €1.1 billion. The transaction was announced on March 24. The press release is here.
The transaction remains subject to the authorization of the Brazilian antitrust authority CADE, to the approval of Carrefour Brasil’s shareholders, as well as other customary closing conditions. The completion of the transaction is expected in 2022. Advent International is one of the largest and most experienced global private equity investors.
The Ropes & Gray team advising Advent International and Grupo BIG was led by private equity partners Matt Richards (Chicago) and Christian Westra (Boston), and included private equity partner Newcomb Stillwell and tax partner David Saltzman (both of Boston).