Americanas has completed the sale of Uni.Co, the holding company behind Brazilian retail brands Imaginarium and Puket, to BandUP! for R$152.9 million (roughly USD 28 million at recent rates; approximate conversion), according to single-source reporting from G1.
The Brazilian retailer received R$20 million (roughly USD 3.7 million) as the first payment after closing the transaction on July 2. The sale is part of Americanas' court-supervised restructuring plan, which began after the company disclosed major accounting irregularities in January 2023.
The Sale Terms
Americanas said part of the initial payment went toward costs related to the transaction. The remaining amount was allocated to an extraordinary amortization of the company's 22nd issue of non-convertible debentures, meaning an early payment of part of its debt outside the original schedule.
The rest of the purchase price will be paid in five equal annual installments. The first installment is due one year after the closing date. Each unpaid installment will be adjusted by Brazil's CDI rate, a benchmark interest rate widely used in local corporate finance, from the closing date until the effective payment date.
BandUP! sells officially licensed products tied to entertainment franchises including Harry Potter, Disney and Cartoon Network. The source article did not provide further details on BandUP!'s ownership structure or on whether Uni.Co's current brand operations will change after the acquisition.
Restructuring Context
Americanas entered judicial recovery, Brazil's court-supervised restructuring process, in January 2023 after revealing accounting inconsistencies that the company initially estimated at more than R$20 billion (roughly USD 3.7 billion). The problems were linked to the way supplier-related transactions had been recorded in its financial statements.
The disclosure triggered a financial crisis and legal disputes with creditors. Since then, Americanas has been carrying out measures included in its restructuring plan, including asset sales and debt renegotiations, in an effort to reduce leverage and stabilize its balance sheet.
The Uni.Co transaction is one of those measures. For creditors, such sales matter because they convert non-core assets into cash that can be used to meet restructuring obligations or reduce debt. For Americanas, the sale also narrows the company's focus as it continues to operate under court supervision.
Investigation Continues
The corporate restructuring is unfolding alongside a criminal investigation into the accounting case. Last week, Brazil's Federal Police (PF), together with federal prosecutors, launched the second phase of Operation Disclosure, which investigates alleged fraud at the company.
According to G1, technical forensic reports now estimate losses at R$54 billion (roughly USD 10 billion). The report also cited Camila Bomfim's blog as saying that targets of the operation included Paulo Alberto Lemann, son of billionaire Jorge Paulo Lemann, one of Americanas' reference shareholders, as well as Carlos Alberto da Veiga Sicupira, Eduardo Saggioro Garcia and others connected to financial institutions that had relationships with the company.
Americanas said in a statement that it was not a target of the latest operation and would continue cooperating with authorities. The company said its reference shareholders view the operation as part of the regular course of ongoing investigations and remain committed to helping clarify the facts.