General Atlantic-Backed dLocal Closes IPO

Paul, Weiss advised General Atlantic in the initial public offering of dLocal. Uruguay-based payment processor dLocal connects merchants with consumers in emerging markets, partnering with more than 300 companies including Amazon, Spotify and Microsoft.

The offering included approximately 29.4 million ordinary shares offered by dLocal and certain selling shareholders at $21.00 per share. The IPO generated proceeds of approximately $620 million, implying a valuation of approximately $6 billion.

In December 2019, General Atlantic closed its initial minority investment in dLocal. Paul, Weiss advised on this initial investment as well additional pre-IPO funding rounds.

The Paul, Weiss team included, among others, corporate partners Matthew Abbott, Christopher Cummings and Mark Bergman, and counsel Caitlin Kelly; antitrust counsel Marta Kelly; and tax partner Lindsay Parks.