General Growth Properties Inc. (GGP) agreed to acquire Pershing Square Capital Management LP’s entire stake in Brazilian shopping mall company Aliansce Shopping Centers SA for $195 million.
Pershing Square, a New York hedge fund founded and run by activist investor Bill Ackman (pictured), sold a 14 percent interest in Aliansce, making GGP the target’s largest shareholder. GGP, a Chicago-based mall operator, is slated to own roughly 45 percent of the outstanding shares once the transaction is completed.
The deal is expected to close in September.
Aliansce is headquartered in Rio de Janeiro and Sao Paulo.
Andre Stocche and Fabiano Marques Milani of Sao Paulo law firm Souza Cescon Barrieu & Flesch Advogados advised Pershing Square on Brazilian law matters. Kirkland & Ellis LLP also provided legal counsel to Pershing Square, with a legal team that included partner Stephen Fraidin, along with associates Richard Brand, Renata Lombardi Malavazzi and Timothy Knox.
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