Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
03.24.16
Pillsbury has advised leading South American agricultural company Adecoagro S.A. (AGRO) on the public secondary offering of 12 million common shares sold by Quantum Partners LP and Geosor Corp, as selling shareholders. The offering, which was priced at $11.70 per share and raised $140 million, is one of the first equity capital markets transactions to come out of Latin America this year and the first by an Argentine company in 2016. The offering closed on March 24.
In addition to the 12 million common shares sold in the offering, the selling shareholders also granted Morgan Stanley, who acted as sole bookrunner in the offering, the right to acquire up to 1.8 million additional shares. Adecoagro will not receive any proceeds from the offering.
Adecoagro owns approximately 250,000 hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay. The company produces more than 1 million tons of products each year including corn, wheat, soybeans, rice, dairy products and sugar, ethanol and electricity, among others.
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The Pillsbury team advising Adecoagro on this transaction included senior counsel Frank Vivero. Partners Peter Baumgaertner, Harsha Reddy and Todd Eckland and associate Andres Berry were also involved.
Pillsbury has a strong and wide-ranging Latin America practice built on decades of experience. Members of the practice are fluent in Spanish and Portuguese, have vast experience in the region and maintain valuable relationships with local counsel and government officials. A deep understanding of the legal systems and business customs of Latin American countries enables Pillsbury lawyers to tailor services to the unique requirements of the project or client in question.