Grupo Sanborns in $825 Million Global Equity Offering

February 13, 2013

Cleary Gottlieb represented Grupo Sanborns, a subsidiary of the Carso group, in its $825 million global equity offering, consisting of an initial public offering on the Mexican Stock Exchange, and an international offering in the United States pursuant to Rule 144A and outside Mexico and the United States in reliance on Regulation S. The transaction priced on February 7 and closed on February 13.

Grupo Sanborns is a Mexican leading multi-format retailer and restaurant operator with operations in Mexico, El Salvador and Panama. It operates Mexico’s second largest department store chain (Sears Mexico), high fashion boutiques and luxury department stores (Pier 1, Saks Fifth Avenue, among others), a unique and highly successful retail concept (Sanborns stores), a retail and service chain selling the last-generation Apple-brand products (iShop and eduMac), the largest retail network of recorded music and video (Mixup, Mx Mixup, Discolandia and Tower Records), a large restaurant chain offering traditional Mexican food at affordable prices (Sanborns restaurants and Sanborns Cafés), among other retail and restaurant formats.