Latin America Retail: LatAm Retail Headline Monitor: Farm sale begins; Shopee joins ChatGPT; ASAI expands services

Research evidence excerpt

Latin America Retail: LatAm Retail Headline Monitor: Farm sale begins; Shopee joins ChatGPT; ASAI expands services

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23 Jun 2026 09:28:46 ET │ 10 pages

Latin America Retail

LatAm Retail Headline Monitor: Farm sale begins; Shopee joins ChatGPT;

ASAI expands services

CITI’S TAKE

In this note, we summarize headlines/news with implications for our

coverage. We hope you find this useful.

João Pedro SoaresACFarm sale process begins; private equity funds contacted. (Valor, 6/22/2026)

+55-11-4009-7562

joao.soares@citi.com

Valor reported that Morgan Stanley is expected to begin discussions this week with Felipe Husein

potential investors and buyers for Farm Rio, a process being led by Alexandre Birman. +55-11-4009-7137

Potential interested parties reportedly include global private equity firms such as L felipe.husein@citi.com

Catterton, Carlyle, General Atlantic and Advent International, as well as strategic

buyers including LVMH, Kering and Inditex. Market estimates value Farm at roughly

R$5.0–5.5bn (around US$1bn). Importantly, internal discussions suggest the sale

could proceed independently from the ongoing negotiations between Birman and

Roberto Jatahy regarding a potential separation of assets, with the sizable cash

proceeds serving as a strong incentive for both parties.

Citi’s Take: While Azzas reiterated that no transaction, structure or binding proposal

has been approved, press reports that initial buyer outreach is underway suggest the

process is progressing. As discussed previously, a sale to a global strategic buyer

could justify a premium valuation versus our spin-off framework given potential

synergies, brand scalability and international expansion opportunities. In our prior

analysis, assuming Farm is valued at ~8x 2026 EV/EBITDA and the remaining