Itaú BBA, Merrill Lynch and Santander in Alliar’s Brazilian IPO

November 2, 2016

Cleary Gottlieb represented Itau BBA USA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. as placement agents in the initial public offering of Centro de Imagem Diagnósticos – Alliar.

The offering consisted of primary and secondary offerings of an aggregate of approximately 33.7 million common shares and raised more than $200 million. The secondary offering included common shares held by Kinea funds and around 80 individual shareholders, including some of Alliar’s founding partners. The common shares offered were priced at R$20.00 per share on October 26, 2016, and the offer closed on November 1, 2016. The offering was registered before the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), and the shares were listed on the Novo Mercado segment of BM&FBovespa. The shares were placed in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United Stated pursuant to Regulation S under the Securities Act.

Alliar is one of Brazil’s largest provider of diagnostic services and operates in 10 Brazilian states. The company provides image and laboratory testing services as its primary activities.