Davis Polk Advises CVC Secondary Offering

Davis Polk advised CVC Brasil Operadora e Agência de Viagens S.A. and BTC Fundo de Investimento em Participações, a Carlyle Group-affiliated fund, as selling shareholder, in connection with a secondary offering by the selling shareholders of 60,000,000 of CVC’s common shares for an aggregate amount of R$1.23 billion. The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

CVC is one of the largest tour operators in the Americas based on confirmed bookings, offering a diverse portfolio of travel products and services for Brazilian families of all income levels. CVC’s portfolio includes over 1,000 domestic and international destinations and combines airfare, ground transportation, accommodations, travel insurance and other complementary travel services. CVC’s products and services are distributed through one of the largest retail chains in Brazil.

The Davis Polk corporate team included Manuel Garciadiaz, Elliot M. de Carvalho and Lourenço Lopes-Sabino. The tax team included Kathleen L. Ferrell, Tracy L. Matlock and Mahalia S. Burford. Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the New York and São Paulo offices.