14 July, 2020 Regional

Spanish insurer Mutua Madrileña snaps up assets in Colombia and Chile

Corporate / M&A

Philippi Prietocarrizosa Ferrero DU & Uría in Santiago and Bogotá has helped Spanish insurance company Mutua Madrileña buy assets in Chile and Colombia.

In Chile, the firm helped Mutua Madrileña acquire a further 20% stake of Chilean insurer BCI Seguros for US$127 million, taking Mutua to a controlling 60% share.

The seller, local asset manager Empresas Juan Yarur, relied on in-house counsel, and continues to hold 40% of the company. The deal was announced on 26 June, and is expected to close in the third quarter of 2020.

Mutua Madrileña had bought the initial 40% of the company for US$228 million in 2016. PPU helped out on that occasion too.

The acquisition includes BCI Seguros’ affiliates: casualty insurers BCI Seguros Generales and Zenit Seguros, life insurer BCI Vida and home and roadside assistance business Auxilia.

In Colombia, PPU helped Mutua Madrileña buy a 45% interest in insurance company Seguros del Estado.

DLA Piper Martínez Beltrán in Bogotá advised the seller. The deal closed on 16 June. The value of the transaction was not disclosed.

The terms of that deal give Mutua the option to acquire a controlling stake in 2023, the percentage of which has not been confirmed.

Seguros del Estado is one of Colombia’s largest insurance companies with 3.5 million insurees, specialising in vehicle insurance.

Mutua Madrileña is Spain’s largest insurer when life insurance is discounted.

For Mutua Madrileña’s acquisition in Chile:

Counsel to Mutua Madrileña

Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Partner Alberto Pulido and associates Constanza Rodríguez and Cristóbal Uriarte in Santiago

For Mutua Madrileña’s acquisition in Colombia:

Counsel to Mutua Madrileña

In-house counsel – Luis Bermúdez , Antonio Redondo

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)
Partner Claudia Barrero and associate Luz María Mercado in Bogotá

Counsel to Seguros del Estado

DLA Piper Martínez Beltrán
Partners Juan Manuel de la Rosa and Felipe Quintero and associates Juan Carlos Gambín, Antonio
Laborde and Felipe Aristizabal in Bogotá

Source: Latin Lawyer

Link to publication