BMA - Barbosa, Müssnich, Aragão in São Paulo has helped Indian agribusiness company UPL obtain antitrust clearance from Brazil's CADE for its US$4.2 billion global merger with counterpart Arysta Life Science, creating a global leader in crop protection.
Brazil's CADE approves UPL and Arysta global merger iStock.com/josemoraes
Pinheiro Neto Advogados in São Paulo advised Arysta and the seller, US chemicals company Platform Specialty Products. It is understood that Jones Day acted as global legal advisor to UPL, while Greenberg Traurig LLP represented Arysta and Platform, but this could not be confirmed prior to publication.
CADE approved the merger on 26 September.
The Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, and private equity firm TPG Capital backed the transaction with a US$1.2 billion equity investment in UPL. They received a 22% combined stake in the company in return.
In Latin America, UPL already had a presence in Argentina, Bolivia, Brazil and Colombia. The current deal expands its operations to Chile, Costa Rica, Dominican Republic, Guatemala, Mexico and Paraguay. The company focuses on manufacturing and the supply of crop protection products and speciality chemicals.
Arysta is a global provider of crop protection and life science products. It has regional headquarters in Brazil, France, Japan and the US.
Agriculture is one of the most important economic sectors in Latin America. In particular, soybean, popular worldwide for its low price and numerous uses, is a widely produced legume across South America. Five countries, Brazil, Argentina, Paraguay, Bolivia and Uruguay, feature among the world's 10 largest producers. Brazil is expected to surpass the US as the biggest producer worldwide in 2018.
Counsel to UPL
BMA - Barbosa, Müssnich, Aragão
Partner Barbara Rosenberg and associates Camilla Paoletti, Gustavo Kastrup, Patricia Avigni, Bruna Trevelin, Vivian Terng and Marcos Ueda in São Paulo
Counsel to Arysta and Platform
Pinheiro Neto Advogados
Partner Renê Guilherme da Silva Medrado and associates Luís Henrique Perroni Fernandes and Rafael Rossini Parisi in São Paulo