Travelers Buys Brazil Insurance

Travelers Buys Brazil Insurance

Brazil M&A US

Travelers, the US property and casualty insurer, will acquire a 43% stake in J. Malucelli Participacoes from parent company Parana Banco for $370m. Parana will continue to hold 57% of the surety insurance subsidiary, though Travelers has the option to increase its stake to 49.9% within 18 months for the same price it paid for its initial stake, indexed to CDI. The deal implies a pre-money valuation of BRL925m for the unit, according to a spokesman. Greenhill advised Travelers, while Malucelli us

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