Hogan Lovells Advised Caixa Seguridade On The First Brazilian Equity Offering In 2025

Hogan Lovells Advised Caixa Seguridade On The First Brazilian Equity Offering In 2025

Hogan Lovells has advised Caixa Seguridade Participações S.A. (B3: CXSE3), a leading Brazilian insurance holding company, on the public secondary offering of 82,380,893 common shares owned by Caixa Econômica Federal, for an aggregate amount of approximately BRL 1.2 billion (USD 227 million).

The offering involved the sale of 2.75% of Caixa Seguridade’s share capital, aimed at increasing its free float and ensuring compliance with B3’s Novo Mercado listing requirements. This transaction marks the first public equity offering in Brazil in 2025.

The shares were publicly offered in Brazil under CVM Resolution 160, with coordination from Itaú BBA Assessoria Financeira S.A., Caixa Econômica Federal, BTG Pactual Investment Banking Ltda., Bank of America Merrill Lynch Banco Múltiplo S.A., and UBS BB Corretora de Câmbio, Títulos e Valores Mobiliários S.A. The international placement agents included Itaú BBA USA Securities, Inc., BTG Pactual US Capital, LLC, BofA Securities, Inc., and UBS Securities LLC. In the United States, the shares were offered to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S of the Securities Act.

The Hogan Lovells team was led by Isabel Costa Carvalho (Partner, Capital Markets, São Paulo) and Jonathan Lewis (Partner, Capital Markets, São Paulo), with support from David Olstein (Partner, Tax, New York), Scott R. Lilienthal (Partner, Tax, Washington D.C.), and Henry Khan (Partner, Regulatory, Baltimore and Washington D.C.). The team of associates included Ana Laura Pongeluppi (Capital Markets, New York), Felipe Lacerda (Capital Markets, São Paulo), Leah Mazzuco (Capital Markets, São Paulo), Sophia de Maio (Capital Markets, São Paulo), and Pedro Meinberg (Capital Markets, São Paulo).

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