Advent International Corporation made a tender offer to acquire Enjoy S.A. (SNSE:ENJOY) from Inversiones e Inmobiliaria Almonacid Ltda., Inversiones Cumbres Limitada and others for approximately CLP 230 billion on August 22, 2017. Under the tender offer, Advent International will acquire 4.7 billion shares of Enjoy S.A. at CLP 48 per share in cash. The Martinez family will retain a substantial equity ownership position in the company. Advent International will also undertake a capital increase of up to $170 million (CLP 109 billion). Advent International will acquire 2.377 million shares as a capital raise. During the period of 24 months counted from the date of subscription and payment of the remaining shares that remain unsubscribed immediately after the preferred option period, Advent International will be entitled to purchase the shares of Enjoy S.A. that any of the founders would like to sell on any stock exchange in which the shares of Enjoy S.A. are listed, always in the case of disposals that do not exceed 7% of the shares of Enjoy S.A. Enjoy S.A. will remain publicly traded. The deal is subject to antitrust approval and that at least 1.2 billion shares are offered for subscription in irrevocable manner by Enjoy S.A.’s Board of Directors to Advent International, at a price of CLP 48 each. The offer will remain open from December 11, 2017 to January 9, 2018. As of October 9, 2017, Chilean anti-trust authority approved the deal. As of January 9, 2018, Enjoy has issued approximately 1.51 billion shares to be subscribed by Advent that secures 32% equity in Enjoy. Credit Suisse acted as financial advisor for Enjoy S.A. Octavio Bofil of Bofill Mir & Alvarez Jana as legal advisor for Enjoy S.A. as well as Inversiones e Inmobiliaria Almonacid Ltda., and Inversiones Cumbres Limitada. Morgan Stanley and Ernst & Young acted as financial advisors and Claro & Cia and Baker McKenzie as legal advisors for Advent International. BTG Pactual Chile SA Brokers acted as the offer administrator.