On April 21, 2022, after satisfying the conditions precedent set forth in the share purchase agreement dated June 29, 2022, including merger clearances in multiple jurisdictions and a corporate reorganization to carve-out the excluded assets from the transaction, the P.A. Titan, a trust managed by BTG Pactual Sociedad Fiduciaria S.A., transferred 100% of the shares of Grupo Orbis S.A. to Akzo Nobel Coatings International B.V., Akzo Nobel Colombia S.A.S., AkzoNobel (C.) Holdings B.V., Panter B.V. and ICI Omicron B.V. For the first time in the history of the Colombian Stock Exchange, one hundred percent (100%) of the shares of a public company were transferred directly to a purchaser, without the need for a tender offer.
Grupo Orbis S.A. is a Colombian company specialized in paints and chemicals with a presence in over ten (10) countries in Central America, South America and the Antilles.
Announcement date: Tuesday, June 29, 2021
Closing date: Thursday, April 21, 2022
Cross-border matter: Colombia, Curacao, Aruba, Perú, Ecuador, Panamá, Costa Rica, Nicaragua, El Salvador, Guatemala, Honduras.
COUNSEL TO SHAREHOLDERS OF GRUPO ORBIS S.A.
POSSE HERRERA RUIZ
Leading Partner(s) José Alejandro Torres, Juan Guillermo Ruiz, Mariana Posse, Natalia Escobar
Other Lawyers Emilia Arango, Carlos Múnera, Felipe Pardo, Daniel Meza, David Ulloa
Leading Partner(s) Daniel Robalino
Other Lawyers Jorge Duque, Martin Pallares, Daniel Peré Vietri
HBN LAW & TAX
Leading Partner(s) Lianne Pieters
Other Lawyers N/A
Leading Partner(s) Ronald Lachner, Uri Weinstock, Adriana Castro
Other Lawyers Adriana Acuña
COUNSEL TO AKZO NOBEL COATINGS INTERNATIONAL B.V.
BAKER & MCKENZIE
Leading Partner(s) Andrés Crump
Other Lawyers Natalia Ponce de León, Juliana Gómez, Maria Paula Moya
Leading Partner(s) Xavier Rosales
Other Lawyers N/A