Cleary Gottlieb acted as counsel to MercadoLibre Inc. (MercadoLibre) in a $2 billion equity offering consisting of a $1.15 billion public common stock offering and concurrent private placement investments by PayPal for $750 million of shares of the company’s common stock and by an affiliate of the Dragoneer Investment Group (Dragoneer) for $100 million of Series A perpetual convertible preferred stock.
The public offering and the PayPal investment closed on March 15, 2019, and the Dragoneer investment closed on March 29, 2019.
Goldman Sachs & Co., J.P. Morgan, and Morgan Stanley acted as joint bookrunners for the public offering. In connection with the offering, the underwriters exercised their 30-day overallotment option for an additional $150 million shares of the company’s common stock. Goldman Sachs & Co. acted as sole financial advisor to the company in the private placement investments.
MercadoLibre, the leading e-commerce company in Latin America, offers technology solutions that enable companies and individuals to buy, sell, announce, send, and pay for goods and services over the internet. It serves millions of users, providing compelling technology-based solutions that democratize commerce and money, thus contributing to the development of a large and growing digital economy. MercadoLibre is among the top 50 most visited websites in the world in terms of page views, and it is the e-commerce platform with the most unique visitors in each country where it operates.