Silvio Santos’ heiresses ask for more for Jequiti, and sale stalls

The sale of Jequiti Cosméticos by the Silvio Santos Group is stalled. Cimed, which was negotiating 100% of the company’s shares, does not want to raise its bid again. A new round of talks is expected to take place only in August.

Negotiations have been dragging on since April, as F5 has learned. Cimed’s initial proposal was for a partial purchase. In June, however, Cimed and Grupo Silvio Santos agreed to a sale of 100% of the shares.

The value was estimated at R$400 million. At the request of Silvio Santos’ heirs, Cimed agreed to increase the proposal to R$450 million. The increase, however, was considered insufficient.

The Silvio Santos Group says it understands that Jequiti has a higher market value. Cimed did not agree to make a new increase at first. Negotiations are on hold due to the July vacation. They should be resumed in August for a last attempt to unblock the pending issues.

Even if the sale goes through, Jequiti will still have its brand shown during SBT’s breaks as a priority, as will other companies in the Silvio Santos Group, such as Telesena and Hotel Jequitimar, for example.

This point is part of the agreement to help maintain interest in the products, which have always had inflated sales due to daily exposure on Silvio Santos’ channel.

Cimed, which made a profit of R$3 billion in 2023, intends to transform Jequiti into a national powerhouse. The decision to sell was made because the Silvio Santos Group understood that it would no longer be able to provide Jequiti with the investments it needed, especially since 2020, at the height of the Covid-19 pandemic. The company wants to maintain its focus on its main asset, SBT.

Jequiti Cosméticos is present throughout Brazil through 260,000 consultants. The company is known for launching perfumes by artists such as Celso Portiolli, Carlinhos Maia and Larissa Manoela.