Cleary Gottlieb represented Inter & Co and Banco Inter in a corporate reorganization that resulted in the migration of Banco Inter shareholders to Inter & Co and the listing of Inter & Co securities on Nasdaq.
Banco Inter is a Brazilian neobank that offers a wide range of financial and non-financial services through its mobile app. Banco Inter shares have been listed on the São Paulo Stock Exchange (B3) since 2018.
This is an unprecedented transaction in Latin America. The transaction marks the first time a Brazilian-listed company redomiciled and listed in the U.S.
The SEC-registered corporate reorganization closed on June 20, 2022, resulting in the listing of Inter & Co Class A Common Shares on Nasdaq (ticker INTR), the listing of Inter & Co Brazilian Depositary Receipts (ticker INBR31) on B3, and the delisting of Banco Inter equity securities (tickers BIDI3, BIDI 4 and BIDI11) from B3. The transaction involved the entire shareholder base of Inter, with a total market cap of more than $800 million.