Vinson & Elkins Advises BNP Paribas Cardif in Connection with 10-Year Agreement with Magazine Luiza S.A.
Vinson & Elkins advised BNP Paribas Cardif, a world leader in bancassurance partnerships and creditor insurance, in connection with a 10-year operating and distributing agreement (“New Operating Agreement”) with Magazine Luiza S.A. (“Company” or “Magalu”).
Under the terms of the New Operating Agreement, in addition to receiving monthly commissions for the distribution of insurance, Magalu will receive, within 30 days from the date hereof, on an exclusive basis, the net amount of R$850,000,000.00 (eight hundred and fifty million Brazilian reais) for the renewal of the partnership. Additionally, Magalu and NCVP Participações Societárias S.A., a company controlled by Cardif (“NCVP”) entered into, on the date hereof, a sale and purchase agreement for the sale of the entire equity interest held by Magalu in Luizaseg to NCVP, for the amount of R$160,000,000.00 (one hundred and sixty million Brazilian reais).
The Vinson & Elkins team was led by partner Gabriel Silva, with assistance from senior associate Isabella Correa. Also advising were partner Kara Kuritz; and law clerk Gregory Campos.
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