Sura Buys Asesuisa for $98m

Sura Buys Asesuisa for $98m

Colombia M&A

Colombian insurance conglomerate Suramericana announced it is acquiring El Salvador-based insurance company Asesuisa from Bancolombia's Banco Agricola, also based in El Salvador. It says it will pay $98m in cash for the company. Colombian equity analysts had estimated that Sura would spend about $100m to buy Asesuisa. Closing of the privately negotiated deal is subject to regulatory approvals. Bolsa y Renta, which increased its price target for Suramericana to COP43,000 from COP42,000, describes

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