Atlético-MG awaits “ok” from CADE to finalize the sale of Diamond and receive installment of R$ 136 million | athletic-mg

While there are changes in the presidency of the Board and prepares the ground to become a Sociedade Anônima do Futebol, Atlético is in the process of selling 49.9% of Diamond Mall to Multiplan. The situation still needs approval from CADE (Administrative Council for Economic Defense). O ge found out that Galo and Multiplan are still in contact, and are awaiting the bureaucratic progress, without a deadline.

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Atlético will receive R$ 136 million in cash upon completion of the sale. The remainder, to complete the amounts of R$ 340 million, will be paid within a period of one year, in monthly installments with correction of the IPCA (Broad Consumer Price Index).

Already the owner of 50.1% of the shopping center, Multiplan activated the preference to purchase the remainder, to become the owner and controller of Diamond Mall, which it has managed since its opening in 1996. The announcement of the acquisition was made on 2 August, with the following messages:

Atlético-MG headquarters — Photo: Fred Ribeiro

  • “Completion of the acquisition is subject to the fulfillment of conditions precedent usual in deals of this nature, among them, the approval by CADE”.
  • “The price to be paid for the acquisition will be R$340 million, which will be paid as follows: (i) R$136 million in cash and (ii) R$204 million to be paid in 12 equal and successive monthly installments, indexed to the IPCA”.

Atlético will use the BRL 340 million to settle onerous debtswhich are 38% of the club’s global debt – R$ 1.4 billion – at the end of 2021. These debts are the ones that charge interest, and legal charges, which eroded almost R$ 90 million from the alvinegro coffers last year.

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Diamond’s first sale

On September 18, 2017, Atlético’s Board of Directors approved the first sale of Diamond Mall to Multiplan (50.1% for R$297 million). The acquisition was only authorized by CADE on June 26, 2019, almost two years later, via Concentration Act No. 08700.002878/2019-12.

And the conclusion of the negotiation only took place on January 20, 2020, as indicated in Atlético’s latest financial statements, with the corrected amount close to R$ 300 million, which would be paid in 37 monthly installments, but in different amounts. The money was all intended for the construction of the MRV Arena.

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