Banco Macro S.A. entered into a purchase agreement to acquire Banco Itaú Argentina and its subsidiaries.

New Deal - September 7, 2023

Banco Macro S.A. (“Banco Macro”) announced that on August 23rd, 2023, it entered into a stock purchase agreement with Itaú Unibanco Holding S.A., through its affiliates Itaú Unibanco S.A., Banco Itaú BBA S.A. and Itaú Consultoria de Valores Mobiliários e Participaçoes S.A. (collectively, “Itaú”), pursuant to which, subject to the satisfaction of certain conditions (substantially the approval of the transaction by the Central Bank of Argentina), it will acquire from Itaú the shares representing 100% of the capital stock and votes of Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A. (“Targets”). The price of the Agreement was set at US$50,000,000, which will be paid on the closing date of the transaction and is subject to a potential adjustment that will be eventually set based on the results obtained by the Targets. Click here to read Banco Macro’s official press release.

In this acquisition, Bruchou & Funes de Rioja and Skadden have acted as legal counsel to Banco Macro, while Beccar Varela and Milbank have advised Itaú.

The Bruchou & Funes de Rioja team includes partners Hugo Bruzone, Estanislao H. Olmos, associates Agustina Rocca, Franca Stafforini, Stefanía Ferro, Nicolás Yaryura Tobias and Sol Scelzi. All attorneys are located in Buenos Aires.

The Skadden team includes M&A partner Paola Lozano, counsel Hilel Pohulanik and law clerk Juan Jose Romano Blanco. All attorneys are located in New York.

Beccar Varela’s team is led by partner Daniel Levi, accompanied by counsel Eugenia Radaelli, associates María Inés Cappelletti, Franco Montiel, Jorge Pico, and paralegal Serena Juarros.

The Milbank team included partners Fabiana Sakai and Scott Bolenbock from São Paulo and New York, respectively.

Itaú also relies on their in-house counsels, Juliana Simões Dias Orselli and Djhaynne Dalmonico Nunes.