US sportswear brand Nike has finalised the divestment of its distribution rights in Argentina, Chile and Uruguay, with several US and Latin American law firms advising.
Four offices of US firm ArentFox Schiff LLP, Cambiaso & Ferrari Abogados in Buenos Aires and Uruguayan firm Posadas helped Panamanian retail company Regency Group purchase the rights to distribute Nike products in Argentina and Uruguay. The Regency Group made the acquisition through its subsidiary Northbay International.
Nike relied on Ferrere (Uruguay).
Latin Lawyer understands that US firm Sullivan & Cromwell LLP and Marval O’Farrell Mairal in Buenos Aires also advised Nike, but this could not be confirmed before publication.
The deal closed on 15 September, three months after the signing.
The agreement includes the transfer of distribution rights of Nike products, as well as the commercial operation of its stores in Argentina and Uruguay.
The divestment came a few years after another agreement for the same assets fell through. In early 2020, Nike had agreed to sell its operations in Argentina, Chile and Uruguay to Mexico’s Grupo Axo, but the parties mutually cancelled the deal a few months later.
In a separate deal, investor Equinox Los Andes acquired Nike de Chile, the distributor of the sports brand in the Andean country. The local investor obtained an US$80 million loan from BCI and BTG Pactual to fund the deal.
The lenders hired Garrigues (Chile).
Latin Lawyer understands that Claro & Cía advised Equinox, but this could not be confirmed before publication.
The deal closed on 17 August.
Grupo MasPlay – Equinox’s parent organisation – already manages Nike’s brand in Bolivia, Ecuador and Peru.
For the Argentine and Uruguayan sales
Counsel to Regency Group
ArentFox Schiff LLP
Partners Michelle Mancino Marsh and Olga Bogush in New York; partners Matthew Berlin and Amy McFarland, and associates Diana Bae and Erica Roque in Washington, DC; partner Evgeny Magidenko in Ann Arbor; and associate Sylvia Costelloe in Los Angeles
Cambiaso & Ferrari Abogados
Partner Matías Cambiaso, of counsel Juan Cambiaso and associate Angeles Pagliettini in Buenos Aires
Posadas
Partner Fernando de Posadas, Lucía Carbajal and Diego Cuenca, associates Karina Souza, Paula Costa, Jose Maria Tais, Pedro Boado, Luis Segui, Magdalena Cuñarro, Mariana Fernandez, Maria Laura Santos and Virginia Yellinek in Montevideo
Counsel to Nike Group
In-house counsel – María Mercedes Ribero and Daniela Canale
Ferrere (Uruguay)
Partners Martin Pesce and Gianni Gutiérrez, counsel Alejandro Alterwain and Cristina Vignone, and associates Alejandra Garcia, Florencia Fitipaldo, Cecilia Alberti, Carolina Piacenza and Laura Caffera in Montevideo
For the Chilean acquisition financing
Counsel to BCI and BTG Pactual
In-house counsel to BCI – Jaime Diaz de Valdes
In-house counsel to BTG Pactual – Alexandra Cuevas
Garrigues (Chile)
Partner Pedro García and associates Esteban Orhanovic, Macarena Fuentes and Edgardo Conde in Santiago
This article was updated on 5 October 2022 to include Posadas’ counsel details.
Source Latin