brMalls and Aliansce: shareholders approve the merger

brMalls' shareholders approved the merger during a meeting.

Shopping Plaza Sul, na capital paulista

06/09/2022

After months of negotiations, the brMalls' shareholders approved the merger during a meeting yesterday afternoon (8). The merger proposal will still need to be submitted for approval by the Administrative Council for Economic Defense (Cade). If validated, it will create the largest shopping center giant in the country.

With the merger, brMalls and Aliansce Sonae will add up to 69 malls, with R$38.5 billion in sales. In comparison, the other players in the segment, Multiplan, and Iguatemi, own 20 and 16 shopping centers, respectively.

Negotiations between the two companies began in December 2021, with the proposals rejected. In the shareholders' vote on Wednesday, 68.5% of the shares favored the deal submitted by Aliansce.

"The segments of shopping centers and corporate slabs were the ones that suffered the most during the pandemic period, with isolation measures and health restrictions. These are assets that have been recovering since the reopening of the economy. After periods of crisis like this one, it is natural for concentration movements to take place, which is beginning to materialize", observes Giancarlo Nicastro, CEO of SiiLA.

According to data from the GROCS platform, a SiiLA solution, brMalls has a stake in shopping centers in all regions of the country, such as Shopping Villa Lobos (SP), Amazonas Shopping (AM), and Goiânia Shopping (GO), among others. Aliansce also operates nationwide, with assets such as Boulevard Shopping Brasília (DF), Shopping Leblon (RJ), Parque Shopping Maceió (CE), and others.

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