Citibank Global Markets acts as financial advisor to Vivo Participações in connection with companies' recent $639 million corporate restructuring
Clients Citibank Global Markets Inc.
Jones Day represented Citibank Global Markets Inc. as financial advisor to Vivo Participações S.A., Telemig Celular Participações S.A. and Telemig Celular S.A. to advise their Board of Directors and respective Special Committees in connection with the companies' recent $639 million corporate restructuring. The overall purpose of this restructuring was the consolidation, at the Vivo Participações S.A. level, of all of its controlling share ownership in its direct and indirect subsidiaries, Telemig Celular Participações S.A. and Telemig Celular S.A. This transaction is a benchmark in Brazil because it was the first transaction subject to Brazilian-SEC new rules on fiduciary duties of the Board of Directors in merger and reorganization transactions among affiliated entities, including the formation of Special Committees.