Davis Polk advised Empreendimentos Pague Menos S.A. (“Pague Menos”) in connection with its initial public offering of 87,873,463 common shares for an aggregate amount of R$746.9 million (approximately US$139.3 million). 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.
Headquartered in Ceará, Brazil, Pague Menos is the third-largest drugstore chain in Brazil in number of stores.
The Davis Polk corporate team included Manuel Garciadiaz and Konstantinos Papadopolous. Ethan R. Goldman and Dov Sussman provided tax advice. Allison Gunther provided Investment Act advice. Members of the Davis Polk team are based in the São Paulo and New York offices.