Shearman & Sterling represented Pão de Açucar Group in its US$422 million acquisition of Ponto Frio, a large electronics and household appliances retail chain in Brazil. As a result of this acquisition, Pão de Açucar expects to become the leading Brazilian retailer, generating annual revenues of US$13 billion through 1,200 stores.

The principal attorneys involved were partners Robert Ellison (São Paulo) and George Karafotias (London).