Shearman & Sterling represented Abu Dhabi’s Aabar Investments PJSC (Aabar) in its acquisition of approximately US$328 million of American depositary shares (ADS) issued by Banco Santander (Brasil) S.A.

Aabar bought approximately US$308 million worth of ADSs in Santander (Brasil)’s initial public offering which related to approximately 15% of the Brazilian entity’s shares. Following the IPO Aabar bought further ADSs in the market for approximately US$20 million.

Aabar is an investment company headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange. It directly invests in various sectors, including energy, infrastructure, real estate, automotive and financial services companies. Its largest stakeholder is International Petroleum Investment Company (IPIC), which in turn is wholly owned by the Government of the Emirate of Abu Dhabi.

Finance partner Tim Pick led the Shearman & Sterling team of lawyers in the firm’s New York, London and Abu Dhabi offices and, together with partner Mei Lian and associates Rowena Van De Grampel, Jackson Lam and Philip Stopford, advised on financing aspects of the transaction. Partner Roger Baneman advised on tax aspects of the acquisition. Partner Bradley Sabel and associates Apostolos Gkoutzinis and Rebecca Marques advised on capital markets and securities law aspects.