Davis Polk advised Arcos Dorados Holdings Inc. in connection with its SEC-registered follow-on public offering of 44,475,958 Class A shares for an aggregate price to the public of approximately US$1 billion, including 4,043,268 shares that the underwriters purchased pursuant to an over-allotment option. All of the Class A shares were sold by certain shareholders. J.P. Morgan, Morgan Stanley, Citigroup, BofA Merrill Lynch, Itau BBA and Credit Suisse acted as joint bookrunners for the offering. Arcos Dorados’ Class A shares are traded on the New York Stock Exchange under the symbol “ARCO.”

Headquartered in Buenos Aires, Argentina, Arcos Dorados is the world’s largest McDonald’s franchisee, in terms of systemwide sales and number of restaurants, and the largest quick service restaurant chain in Latin America and the Caribbean, with restaurants in 20 countries and territories.

The Davis Polk corporate team included partner Maurice Blanco and associates Roman Ajzen, Meghan Maloney, Jessica Neidhart Agostinho and Lucia Goy (admitted only in Madrid). Partner Rachel D. Kleinberg office and associate Yuliya Epifantseva provided tax advice. Associate Catherine L. Martin provided advice on issues relating to the Investment Company Act of 1940. Inés Velasco was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and Menlo Park offices.



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