The last few days were intense for businessman Carlos Jereissati, CEO of Grupo Iguatemi, the largest shopping mall company in the country with 21 projects and revenues of R$ 684.2 million last year. The full schedule of closed-door meetings with executives and shareholders defined a restructuring plan that should unite shopping mall operator Iguatemi and its holding, Jereissati Participações. If the plan works out, the merger will create a new company, Iguatemi S.A., with more muscle to make investments and acquisitions. "The changes happen at the right time and create very positive perspectives for the acceleration of the group's business in the coming years", said a source who has participated in the definition of the plan. "There are relatively cheap assets on the market due to the crisis and an excess of money available to drive consolidation," he said.
Jereissati's idea is to aim for acquisitions and take the opportunity to buy shopping centres that were in trouble with the restrictions on the operation of commerce during social distancing. The strategy, however, is evident in the company's statement to the market on Monday (7). "The objective is to enable Iguatemi to grow more rapidly, allowing it to be more aggressive in its M & As [mergers and acquisitions] strategy," he said.