US Manager Moves for Chilean Pension

US Manager Moves for Chilean Pension

Chile M&A

Insurer and asset manager Principal Financial has agreed to acquire Chilean pension fund manager AFP Cuprum for an estimated $1.51bn, the companies say. In the deal, Empresas Penta and Inversiones Banpenta will sell their 11.4m shares, representing 63% position, at UF1.76 ($84.06) each. A public offer will then be made for the remaining 37% at the same price. Cuprum shares closed Monday at a level equal to UF1.16. The transaction is expected to close in 1Q 2013, pending regulatory approval. Prin

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