14 March 2019
MercadoLibre, Inc. (NASDAQ: MELI), Latin America’s leading e-commerce technology company, has announced that it intends to offer approximately US$1 billion of common stock. MercadoLibre also intends to grant the underwriters a 30-day option to purchase up to US$150 million of additional shares of common stock. In addition, MercadoLibre has entered into an agreement pursuant to which PayPal has committed to make a US$750 million strategic investment through the purchase of common stock. In a separate agreement, an affiliate of Dragoneer Investment Group has agreed to purchase US$100 million of Series A perpetual convertible preferred stock. The PayPal and Dragoneer investments are contingent upon the closing of the public offering and are expected to close at the same time or shortly after the public offering.
Latham & Watkins LLP represents Dragoneer Investment Group with a team led by New York partner Greg Rodgers and San Francisco / Silicon Valley partner Haim Zaltzman with Los Angeles counsel Arash Aminian Baghai and New York associates Asher Herzog and Giacomo Reali. Advice was also provided on tax matters by New York partner Elena Romanova.