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The potential Aliansce and BR Malls merger worth R$13 billion



Aliansce and BR Malls administrators are preliminary talks for a potential merger, "Pipeline". There is still nothing binding, but there has already been the first meeting between Renato Rique, chairman of the board of Aliansce, and José Afonso Castanheira, chairman of the board of BR Malls, according to sources close to the companies. During the conversation, Rique and Castanheira agreed to bring up the subject in the first days of January.


BR Malls is worth R$7.04 billion with a portfolio of 31 malls. Aliansce, on the other hand, is worth R$5.57 billion on the stock exchange, owning 22 malls and managing another 11 owned by third parties. Together, Aliansce and BR Malls can form a company with nearly R$13 billion in market value and a portfolio of more than 50 malls.


The flirtation between companies is old and has heated up and cooled down at least twice in the last five years. This time, the provocation comes from Aliansce, according to the sources. Aliansce hired BTG Pactual bank as a financial advisor in these conversations.


The company's management has been debating with the board ways to gain muscle in the sector more aggressively, increasing scale and taking advantage of more opportunistic multiples, including other potential assets of private companies.