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.
- Value: Confidential
- 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.
Legal Advisors
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 |
Robalino Law
| 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 |
BLP Legal
| 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 |
Corral Rosales
| Leading Partner(s) | Xavier Rosales |
| Other Lawyers | N/A |
