(Bloomberg) -- Lojas Americanas SA, the Brazilian retailer controlled by billionaire trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, raised at least $1.1 billion in a share sale, four people familiar with the transaction said.

The firm sold preferred shares at 34.50 reais ($6.43) each, the people said, asking not to be named because the information isn’t public yet. It also sold voting stock at 29.78 reais apiece, the people said. That would mean it raised at least 5.83 billion reais. The deal also includes a possible over-allotment that could increase the amount to as much as 7.9 billion reais, according to calculations based on the prospectus.

Lojas Americanas didn’t immediately reply to a request for comment outside business hours.

Purchased by Lemann and his partners back in 1982, the retailer was seeking money to invest in on-line systems to better serve consumers stuck at home because of pandemic-related lockdowns. The trio behind 3G Capital Partners Ltd. had committed to buying at least 65.7 million voting shares, the filings show. They own a 40% stake in the retailer.

Part of the proceeds will help e-commerce firm B2W Cia. Digital, in which Lojas Americanas owns a 61.4% stake in, to up its game. Lojas Americanas said it may inject as much as 3 billion reais into B2W after its own equity sale, according to the prospectus, as the firm struggled to turn a profit and compete with rivals Magazine Luiza SA and Via Varejo SA.

Banks running the equity offering are Banco BTG Pactual SA, Bank of America Corp., Banco Itau BBA SA, Banco Bradesco BBI SA, Banco Santander Brasil SA, Banco Safra SA, Goldman Sachs Group Inc. and Morgan Stanley.

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