Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

common-default.jpeg

Terms / Notices

Cookies

Privacy Policy

Attorney Advertising

Secure Login

Alumni

  Facebook

MoFo Facebook

  Linkedin

MoFo LinkedIN

Twitter

MoFo Twitter

YouTube

MoFo Youtube

Morrison Foerster - Footer

MoFo Advises SoftBank Latin America Fund on Investment in Open Co

You have not solved the recaptcha challenge yet or session expired, try again.

Email Disclaimer

Disclaimer

Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

Morrison & Foerster advised SoftBank Latin America Fund in connection with a Series D funding round in Open Co, a Brazilian consumer credit company.



About Morrison Foerster

people-default-header-desktop.jpg

people-default-header-mobile.jpg

Default Meta Data

Morrison & Foerster advised SoftBank Latin America Fund in connection with a Series D funding round in Open Co, a Brazilian consumer credit company.Open Co was founded in 2021 through the merger of Geru, an online lending platform, and Rebel, a startup using artificial intelligence and bank account data to underwrite risk and assess clients’ financial health. Its aim is to finance consumption for Brazilians in a healthy way, providing clients with access to credit and tools that are designed to improve their financial lives, with rates lower than those of traditional banks. Open Co will use the new capital for significant investments in technology and product development.The MoFo team advising SoftBank Latin America Fund on the deal was led by Miami-based Latin America Desk co-chair Randy Bullard, together with corporate partner Juan Delgado, associate Axel Miranda, and London of counsel Jennifer Buckby.

MoFo Advises SoftBank Latin America Fund on Investment in Open Co

Sign Up

Randy, managing partner of Morrison Foerster’s Miami office and co-chair of the firm’s Latin America Desk, advises multinational clients in connection with cross-border mergers and acquisitions, joint ventures, securities and finance transactions throughout Central and South America, the Caribbean, Europe and the United States.Randy has advised numerous European global corporations in connection with establishing and developing their U.S. presences, as well as managing their Latin American operations. He also represents issuers in equity and debt offerings and exchange listings.Randy’s mergers and acquisitions work has focused on international cross-border mergers and acquisitions across a broad range of sectors, including financial services, telecommunications, media, entertainment, energy, agriculture, manufacturing and food and beverage.<h4>Representative Experience</h4><h5>Mergers and Acquisitions</h5><ul><li>Petlove&Co. in connection with its financing round with existing major investors, Tarpon, SoftBank, L Catterton, Porto Seguro and Monashees, and a new initial investment by Riverwood Capital. This is the largest financing round in Petlove&Co’s history.</li><li>SoftBank Latin America Fund in connection with a Series B funding round for Incode, a next-generation identity and authentication platform for global enterprises.</li><li>SoftBank Latin America Fund in connection with a Series C funding round in Addi, a fintech startup based in Bogota, Colombia that offers buy-now-pay-later technology.</li><li>SoftBank Latin America Fund in connection with a Series D funding round in Open Co, a Brazilian consumer credit company.</li><li>SoftBank Latin America Fund on leading a Series B funding round for Laika, a Colombia-based pet supplies e-commerce platform.</li><li>SoftBank in connection with a Series E financing round led by the SoftBank Latin America Fund totaling $190 million in MadeiraMadeira, a Brazilian online home goods platform.</li><li>SoftBank in connection with a Series C financing round in JusBrasil, a platform that connects people to justice through lawyers and legal information.</li><li>SoftBank in connection with a Series C financing round led by the SoftBank Latin America Fund in Contabilizei, a Brazilian online platform that offers affordable tax-filing and accounting SaaS for SMEs in Brazil.</li><li>SoftBank in connection with a Series D financing round led by the SoftBank Latin America Fund in Olist, a Brazilian e-commerce platform.</li><li>SoftBank Latin America Fund in connection with the recently announced $108 million financing round in Pismo, a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure.</li><li>SoftBank, Riverwood Capital, Igah Ventures, and Volpe Capital in connection with their investments in CRM&BONUS’s R$280 million financing round.</li><li>SoftBank in connection with the Series C US$50 million financing round in GAIA, an e-commerce platform for the sale of furniture and design accessories in Mexico.</li><li>The management team of Wizeline, Inc., a global technology services provider that partners with clients to build high-quality digital products and platforms, in connection with the agreement under which Caisse de dépôt et placement du Québec (CDPQ), a global investment group and one of Canada’s largest pension funds, will acquire majority ownership of Wizeline.</li><li>SoftBank 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.</li><li>SoftBank 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.</li><li>Petlove, a Brazilian company that offers an online platform for pet products in Brazil, on its acquisition of Porto Pet, a company in the Porto Seguro business group and a leader in the animal health plan segment.</li><li>SoftBank in connection with the US$150 million (R$822 million) preferred equity investment in Afya Limited (Nasdaq: AFYA), the largest medical education group in Brazil.</li><li>SoftBank Group Corp. in connection with the US$84.5 million financing round in Descomplica, the first Brazilian EdTech company to enter the higher education market. Co-led by investment fund Invus Opportunities, the funding round represents the biggest investment to date in an EdTech company in Latin America.</li><li>Visa Inc. (NYSE: V) in its acquisition of YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups across nine Latin American and Caribbean countries including Brazil, Mexico, Colombia, Ecuador, Peru, Bolivia, Dominican Republic, Costa Rica, and Trinidad and Tobago.</li><li>Petlove, a Brazilian company that offers an online platform for pet products in Brazil, in the expansion of its e-commerce into a pet ecosystem through the acquisition of DogHero, a pet services Brazilian company.</li><li>SoftBank in connection with a Series C financing round totaling $225 million in Kavak, a Mexican online platform for buying and selling used cars.</li><li>SoftBank in connection with a Series B financing round totaling $108 million in Acesso Digital, a Brazilian IDTech pioneer in ID protection solutions.</li><li>SoftBank in its sale of a majority stake in Brightstar Corp., a subsidiary of SoftBank and the global leader of end-to-end device lifecycle solutions for carriers, retailers, and enterprise, managing mobile devices, to Brightstar Capital Partners, a private equity firm focused on partnering with founders, entrepreneurs, and management team.</li><li>SoftBank in connection with its Series D US$225 million investment round in VTEX.</li><li>SoftBank in connection with a Series C financing round led by SoftBank’s Latin America Fund in Brazilian data science company Cortex.</li><li>SoftBank in connection with a Series B financing round led by SoftBank’s Latin America Fund totaling US$125 million in AlphaCredit, one of the fastest growing technology-enabled financial platforms in Latin America.</li><li>Inchcape, the leading global independent multi-brand automotive distributor and retailer, in its cash-free and debt-free £47 million acquisition of Autolider, a distributor of Daimler brands in both Uruguay and Ecuador.</li><li>Dolphin Entertainment, Inc., a leading independent entertainment marketing and premium content development company, in its $3 million acquisition of Shore Fire Media, Ltd., a public relations and media management firm based in Brooklyn, New York that specializes in music, entertainment and popular culture.</li><li>SoftBank in connection with a Series D investment round totaling US$250 million in QuintoAndar, a São Paulo-based real estate leasing platform.</li><li>SoftBank in its joint US$150 million Series C round investment with Tencent in Argentine fintech company Ualá.</li><li>SoftBank in its $100M investment in Konfio, an online lending platform in Mexico.</li><li>SoftBank in its investment in Buser, Ltd., an intercity bus charter online booking service in Brazil.</li></ul><h5>Finance</h5><ul><li>The Chilean, Peruvian, and Colombian operating companies of Andean Telecom Partners in a syndicated senior secured financing totaling approximately $170 million and a subsequent syndicated senior secured financing totaling $35 million.</li><li>Andean Tower Partners Colombia, operator and developer of wireless telecommunications infrastructure owned by Digital Bridge, in the US$55 million refinancing operation granted by Scotiabank Colpatria. </li><li>Satelites Mexicanos, S.A. de C.V. in its prepackaged plan of reorganization and issuance of US$325 million exit financing of senior secured notes, and follow-on note offerings.</li><li>Costa Rican and U.S. issuers in the refinancing of an existing facility through the issuance and private placement of US$250 million in notes to affiliates of a U.S. insurance provider.</li><li>Torres Unidas Chile SpA and Torres Unidas del Perú S.R.L., telecommunications and infrastructure companies in Chile and Peru respectively, in US$120 million syndicated term loan cross-collateralized facilities with Scotiabank Chile and Scotiabank Perú S.A.A, and multiple refinancings of such facilities over a six-year period.</li><li>A leading private equity investor in growth markets across Latin America in its US$120 million revolving credit facility with a leading multinational bank.</li><li>A Costa Rican tower operator in its term loan agreement with a leading commercial bank in Costa Rica.</li><li>One of the largest financial services firms in the world in syndicated credit facilities, acquisition finance facilities and other financing transactions in various industries throughout Latin America, including in Guatemala, Honduras, El Salvador, Panama, Dominican Republic and Nicaragua.</li><li>A Salvadoran retailer in connection with US$300 million multicurrency financings secured by assets in 11 different Caribbean jurisdictions. The acquisition was consummated in part through public offers in Jamaica and Barbados.</li><li>The manager and operator of 52 airport facilities in Argentina, Italy, Brazil, Uruguay, Ecuador, Armenia and Peru in its US$485 million initial public offering (IPO) on the NYSE.</li><li>German foreign private issuers in various industries in connection with initial public offerings and Nasdaq listings.</li><li>Underwriter in multiple follow-on offerings for a nanotechnology-focused closed-end investment fund.</li></ul>

Randy, copresidente del Latin America Desk y socio del Departamento Corporativo de la firma, asesora a clientes multinacionales en relación con fusiones y adquisiciones transfronterizas, empresas conjuntas (joint ventures), y transacciones de valores y finanzas en toda América Central y del Sur, el Caribe, Europa y los Estados Unidos.Randy ha asesorado a numerosas corporaciones globales europeas en relación con el establecimiento y desarrollo de sus presencias en los Estados Unidos, así como en la gestión de sus operaciones en América Latina. También representa a emisores en ofertas de capital y de deuda y en cotizaciones de la bolsa.La experiencia de Randy en relación a fusiones y adquisiciones se ha centrado en fusiones y adquisiciones internacionales transfronterizas en una amplia gama de sectores, incluyendo servicios financieros, telecomunicaciones, medios de comunicación, entretenimiento, energía, agricultura, industria manufacturera, y alimentos/bebidas.<h4>Experiencia Representativa</h4><h5>Fusiones y adquisiciones</h5><ul><li>Representó a SoftBank en relación con una ronda de inversión Serie B dirigida por SoftBank Latin America Fund, por un total de US$ 125 millones en AlphaCredit, una de las plataformas de tecnología financieras de más rápido crecimiento en América Latina.</li><li>Representó a Inchcape, el principal distribuidor y minorista independiente de automóviles de múltiples marcas a nivel mundial, en su adquisición sin dinero en efectivo y deudas de £ 47 millones de Autolider, un distribuidor de las marcas de Daimler en Uruguay y Ecuador.</li><li>Representación de Dolphin Entertainment, Inc., una empresa independiente líder en mercadeo de entretenimiento y desarrollo de contenidos de primera calidad, en su adquisición de US$ 3 millones de Shore Fire Media, Ltd., una empresa de relaciones públicas y gestión de medios de comunicación con sede en Brooklyn, Nueva York, que se especializa en música, entretenimiento y cultura popular.</li><li>Representó a SoftBank en relación con una ronda de inversión Serie D por un total de US$ 250 millones en QuintoAndar, una plataforma de arrendamiento inmobiliario con sede en São Paulo.</li><li>Representó a SoftBank en su inversión conjunta con Tencent de US$ 150 millones en la ronda de financiación de la Serie C en la aplicación argentina de servicios bancarios digitales Ualá.</li><li>Representó a SoftBank en su inversión de US$ 100 millones en Konfio, una plataforma servicios financieros en México.</li><li>Representación de SoftBank en su inversión en Buser, Ltd., un servicio de reservas en línea de alquiler de autobuses interurbanos en Brasil.</li></ul><h5>Finanzas</h5><ul><li>Representó a Andean Tower Partners Colombia, operador y desarrollador de la infraestructura de telecomunicaciones inalámbricas propiedad de Digital Bridge, en la operación de refinanciamiento de US$ 55 millones otorgada por Scotiabank Colpatria. Se espera que Andean Tower Partners Colombia utilice los fondos para desarrollar y adquirir activos de infraestructura de telecomunicaciones.</li><li>Representación de Satélites Mexicanos, S.A. de C.V. en su plan preestablecido de reorganización y emisión para una financiación de salida de US$ 325 millones de los pagarés de garantía preferente (senior secured notes), y ofertas de pagarés de seguimiento (follow-on note offerings).</li><li>Representó a emisores costarricenses y estadounidenses en el refinanciamiento de una instalación existente mediante la emisión y la colocación privada de US$ 250 millones en notas a filiales de un proveedor de seguros de los Estados Unidos.</li><li>Representó a Torres Unidas Chile SpA y Torres Unidas del Perú S.R.L., empresas de telecomunicaciones e infraestructura de Chile y Perú respectivamente, en el otorgamiento de préstamos a plazo con garantía cruzada de US$ 120 millones con Scotiabank Chile y Scotiabank Perú S.A.A., y en el refinanciamiento múltiple de dichos préstamos durante un período de seis años.</li><li>Representó a un inversionista líder de capital privado en los mercados en crecimiento de toda América Latina en su línea de crédito rotativo de US$ 120 millones con un banco multinacional prominente.</li><li>Representó a un operador de torres costarricense en su contrato de un préstamo a plazo con un banco comercial líder en Costa Rica.</li><li>Representó a una de las empresas de servicios financieros más grande del mundo en servicios de crédito sindicado, servicios de financiación de adquisiciones y otras operaciones de financiamiento en diversas industrias de toda América Latina, entre ellas las de Guatemala, Honduras, El Salvador, Panamá, República Dominicana y Nicaragua.</li><li>Representó a un minorista salvadoreño en relación con financiamientos en múltiples divisas por valor de US$ 300 millones garantizadas con activos en 11 jurisdicciones del Caribe. La adquisición se consumó en parte mediante ofertas públicas en Jamaica y Barbados.</li><li>Representó al administrador y operador de 52 instalaciones aeroportuarias de Argentina, Italia, Brasil, Uruguay, Ecuador, Armenia y Perú en su oferta pública inicial (IPO) de US$ 485 millones en la Bolsa de Valores de Nueva York (NYSE).</li><li>Representó a emisores privados extranjeros alemanes en diversas industrias en relación con las ofertas públicas iniciales y las cotizaciones en el Nasdaq.</li><li>Representó a un asegurador en múltiples ofertas de seguimiento (follow-on offerings) para un fondo de inversión cerrado centrado en la nanotecnología.</li></ul>

Randy, co-líder do Latin America Desk e sócio da área empresarial, assessora clientes multinacionais em fusões e aquisições internacionais, joint ventures e transações de valores mobiliários e financeiros no Caribe, Europa, Estados Unidos, América Central e do Sul.Randy assessorou várias empresas globais e européias no estabelecimento e desenvolvimento de suas atividades nos Estados Unidos, bem como na gestão de suas operações na América Latina. Representa também emissores em ofertas de ações e dívida.Sua experiência em fusões e aquisições é concentrada em fusões e aquisições internacionais em uma ampla gama de setores, incluindo serviços financeiros, telecomunicações, mídia, entretenimento, energia, agricultura, alimentos e bebidas.<h4>Casos Representativos (incluindo experiências em outros escritórios)</h4><h5>Fusões e aquisições</h5><ul><li>Representou SoftBank em uma rodada de investimentos Série B liderada pelo Latin America Fund do SoftBank no valor total de US$ 125 milhões na AlphaCredit, uma das plataformas de tecnologia financeira de maior crescimento na América Latina.</li><li>Representou a Inchcape, líder global independente na distribuição e varejo de carros multimarcas, na aquisição, por £ 47 milhões, da Autolider, distribuidora das marcas da Daimler no Uruguai e no Equador.</li><li>Representou a Dolphin Entertainment, Inc., uma empresa independente líder em marketing de entretenimento premium e desenvolvimento de conteúdo, na aquisição, por US$ 3 milhões de uma empresa de relações públicas e gerenciamento de mídia com sede no Brooklyn, Nova York, especializada em música, entretenimento e cultura popular.</li><li>Representou SoftBank em uma rodada de investimentos Série D, totalizando US$ 250 milhões na QuintoAndar, uma plataforma de leasing imobiliário com sede em São Paulo.</li><li>Representou SoftBank em seu investimento, em conjunto com a Tencent, no total de US$ 150 milhões, na rodada de financiamento Série C no aplicativo argentino de serviços bancários digitais Ualá.</li><li>Representou SoftBank em seu investimento de US$ 100 milhões na Konfio, uma plataforma de serviços financeiros no México.</li><li>Representou SoftBank em seu investimento na Buser, Ltd., um serviço de reservas on-line para aluguel de ônibus interurbanos no Brasil.</li></ul><h5>Financiamentos</h5><ul><li>Representou a Andean Tower Partners Colombia, operadora e desenvolvedora de infraestrutura de telecomunicações sem fio de propriedade da Digital Bridge, na operação de refinanciamento de US$ 55 milhões concedida pelo Scotiabank Colpatria. Espera-se que os fundos sejam utilizados pela Andean Tower Partners Colombia para desenvolver e adquirir ativos de infraestrutura de telecomunicações.</li><li>Representou Satélites Mexicanos, S.A. de C.V. em seu plano de reorganização e emissão pré-estabelecido para um financiamento de US$ 325 milhões em notas prioritárias garantidas e ofertas subsequentes de notas.</li><li>Representou emissores da Costa Rica e dos Estados Unidos no refinanciamento de uma instalação existente, por meio de uma emissão privada de US$ 250 milhões em notas a subsidiárias de um provedor de seguros dos Estados Unidos.</li><li>Representou a Torres Unidas Chile SpA e a Torres Unidas del Perú S.R.L., empresas de telecomunicações e infraestrutura do Chile e Peru, respectivamente, na concessão de empréstimos a prazo com garantia cruzada de US$ 120 milhões com o Scotiabank Chile e Scotiabank Perú S.A.A., e no refinanciamento múltiplo desses empréstimos por um período de seis anos.</li><li>Representou um investidor líder em private equity em mercados em crescimento na América Latina em sua linha de crédito rotativo de US$ 120 milhões com um importante banco multinacional.</li><li>Representou um operador de torres na Costa Rica em seu contrato de empréstimo com um banco comercial líder na Costa Rica.Z</li><li>Representou uma das maiores empresas de serviços financeiros do mundo em serviços de crédito sindicado, serviços de financiamento de aquisição e outras operações de financiamento em vários setores da América Latina, incluindo Guatemala, Honduras, El Salvador, Panamá, República Dominicana e Nicarágua.</li><li>Representou um varejista salvadorenho no financiamento de várias moedas no valor de US$ 300 milhões garantido com ativos em 11 jurisdições do Caribe. A aquisição foi parcialmente concluída por meio de ofertas públicas na Jamaica e Barbados.</li><li>Representou o administrador e operador de 52 instalações aeroportuárias na Argentina, Itália, Brasil, Uruguai, Equador, Armênia e Peru em sua oferta pública inicial (IPO) de US$ 485 milhões na Bolsa de Valores de Nova York (NYSE).</li><li>Representou emissores privados estrangeiros alemães em vários setores em relação a ofertas públicas iniciais na Nasdaq.</li><li>Representou uma seguradora em várias ofertas subsequentes para um fundo de investimento fechado focado em nanotecnologia.</li></ul>

Randy Bullard

Managing Partner, Miami

Jennifer Buckby is a venture capital and M&A Of Counsel based in the London office of Morrison Foerster.Jennifer advises on venture capital, growth equity and corporate venture financing, joint venture transactions and mergers and acquisitions, with a particular expertise advising clients in the technology, life sciences and food/ag sectors.Jennifer regularly represents, among other clients, Uber, Visa, SoftBank and SoundCloud. In her venture capital practice, Jennifer has served as company or investor counsel in early and late-stage financings and minority strategic investments, including representation of Visa Ventures in strategic fintech investments around the world and SoundCloud in its Series G funding round.In her M&A practice, Jennifer has represented clients in joint venture transactions and strategic cross-border mergers and acquisitions, including SoftBank in its acquisition of AutoStore and Uber on its acquisition of Autocab.  After obtaining an LL. B Law from the University of Bristol in 2010, Jennifer completed the Legal Practice Course at BPP Law School in 2011.﻿Prior to joining Morrison Foerster, Jennifer trained and practiced in the London and Singapore offices of an international law firm. She is qualified as a solicitor in England and Wales.<h4>Representative Experience</h4><ul><li>Uber on multiple cross-border acquisitions, including its acquisition of UK technology company Autocab.</li><li>SoftBank on multiple transactions including on its $2.8bn acquisition of 40% of robotics company AutoStore and its $200M investment in mobile satellite business OneWeb.</li><li>SoftBank Vision Fund 2 as lead investor in a $190m financing round in UK fintech platform Primary Bid.</li><li>Visa on multiple M&A and venture capital transactions including its acquisition of a minority equity stake in fintech unicorn, Interswitch and investments in Bankable, Fidel, Ecolytiq and TerraPay.</li><li>SoundCloud on multiple transactions including its $75m investment from Sirius XM and its acquisition of Musiio.</li><li>LIVEKINDLY Collective, one of the world’s largest plant-based food companies, on its acquisition of No Meat, Iceland Foods’ vegan meat alternative company.</li><li>Autodesk as lead investor in a £36m Series B funding round in UK software maker CloudNC. </li><li>OrbiMed as lead investor in a $104m Series E funding round in UK healthcare technology and diagnostics company binx health.</li><li>Ally Bridge Group as co-lead investor in a $600m Series D funding round in surgical robotics company, CMR Surgical.</li><li>Ares on its investment in Swedish based vehicle technology company Opus.</li><li>Cambridge Quantum Computing on its merger with Honeywell Quantum Solutions.</li></ul>

Jennifer L. Buckby

Of Counsel

Private Equity Investments + Buyouts