A&O Shearman and Beccar Varela provided legal counsel to the Dutch group SHV Holdings, while Milbank and Perez Alati, Grondona, Benites & Arntsen (PAGBAM) advised the Chilean-owned company Cencosud S.A. in the sale of Supermercados Mayoristas Makro S.A. The transaction includes the transfer of the Roberto Basualdo S.A. chain, specialized in perfumes and cleaning products. The agreement was signed on January 30 for a total amount of US$ 122.5 million.
With this acquisition, Cencosud enters the Argentine wholesale segment with the cash & carry format, strengthening its presence in the country and creating synergies with its existing operations.
Makro is a leading wholesale chain that was owned by Dutch company SHV. It began operations in Argentina in 1988 and currently has 24 branches and three private-label food brands: Aro, M&K, and Ternes. In 2009, it acquired the wholesale perfume and cleaning product company Roberto Basualdo S.A., expanding its commercial, operational, and distribution capabilities in the country.
Cencosud is a Chilean company with a presence in Latin America, the United States, and China. Its operations span various business sectors, including supermarkets, home centers, department stores, shopping centers, and financial services. In Argentina, it owns the supermarket chains Jumbo, Disco, and VEA, the Easy home center, and the Unicenter shopping mall, among other businesses.
Counsel to SHV
A&O Shearman (New York, San Francisco and Amsterdam): team led by partners Stephen Besen and Romain Dambre, and associates Hugo Eijsvogel, Aaron Schwartzman, Philippe Gimbrère and James Heaney. Partner Caroline Lapidus and associates Jose Rego, Kelly Zhao and Ryan Sedwick advised on tax matters.
Beccar Varela (Buenos Aires): team led by partners Ramón Moyano and Lucía Degano, and associates María Inés Cappelletti, Fermín González Argüello and Paloma de Posadas. Partner Enrique López Rivarola advised on tax matters.
Counsel to Cencosud
Milbank LLP (New York): team led by partners Marcelo Mottesi and Francisco Nuñez, and associate Steve Ahn, international attorney Luis Felipe Garcia Rubio and special counsel John Garces. Partner Edward Lemanowicz and associate Michael Rivkin advised on tax matters, and special counsel Gonzalo Guitart advised on corporate finance and securities matters.
Perez Alati, Grondona, Benites & Arntsen (PAGBAM) (Buenos Aires): team led by partner P. Eugenio Aramburu and counselors Juan Ignacio Dighero and F. Nicanor Berola. Partner Geraldine Moffat and counselor Matías Fuse advised on labor matters, partner Facundo Fernandez Santos and associate Maria Florencia Gonzalez Klebs advised on tax matters, and associates Ana Gabriela Cuenca and Lucia Daniela Campos advised on corporate matters.