Morrison & Foerster advised SoftBank Latin America Fund in its agreement to invest up to US$150 million into a subsidiary of Grupo Bursátil Mexicano (GBM), a leading investment platform in the Mexican stock market for over 35 years. The transaction values GBM’s operating holding at over US$1 billion.
GBM plans to use the proceeds to accelerate growth in all the business lines where it currently operates, as well as expanding into new verticals. It will also boost investments in order to enhance the democratization of investments in Mexico, and offer financial education so that Mexicans can regain control of their finances. GBM has a market share of over 16% in equity trading and more than MX$800 billion in assets under custody.
Launched in 2019, the SoftBank Latin America Fund is the largest technology fund focused exclusively on the fast-growing Latin American market. The US$5 billion Fund partners with a variety of companies and entrepreneurs to accelerate tech-focused innovation and to define the future of Latin America.
MoFo also recently advised SoftBank Latin America Fund in a joint venture with WeWork, the leading flexible space provider, that provides SoftBank Latin America Fund with the exclusive right to operate the WeWork brand in Argentina, Brazil, Chile, Colombia, and Mexico.
The MoFo team representing SoftBank Latin America Fund was led by Miami corporate partner and co-chair of MoFo’s Latin America Desk Randy Bullard, and Miami corporate associates Axel Miranda, Ludovica Gardani, and Fernando Guardazzi, and Los Angeles of counsel Hillel Cohn.