APEX and CVC

BVA acted as exclusive legal counsel to Apex Partners in the formation of the controlling shareholder group of CVC (B3: CVCB3), Latin America’s largest travel operator.

Structured in two phases, the transaction was widely covered by the press and is already regarded as one of the most emblematic deals in the travel sector in recent years. It represents a strategic step forward for the Espírito Santo-based group, which now joins the controlling shareholder group representing more than 35% of the company’s voting share capital, through the Shareholders’ Agreement entered into with an investment vehicle linked to the Paulus family.

The effectiveness of the Shareholders’ Agreement was subject to certain conditions precedent, in particular the approval, at a General Shareholders’ Meeting, of the waiver of a mandatory tender offer due to the reaching of a relevant shareholding threshold. Such approval was granted on 5 May 2026, as disclosed in the Notice to the Market released on the same date and in line with the Material Fact notice published on 10 April 2026.

On the same occasion, Fernando Cinelli, founder of Apex Partners, was elected to the company’s Board of Directors.

The legal advice to Apex Partners was led by Felipe Barreto Veiga, Rafael Teixeira and Pablo Arana, partners in BVA’s transactional practices.