IFC Enters SulAmerica

IFC Enters SulAmerica

Brazil M&A

The International Finance Corporation (IFC) has bought into SulAmerica, agreeing to purchase a BRL400m stake ($197m) from ING, which continues its exit from the Brazilian insurer. The deal is for 26.5m units, or 7.9%. The BRL15.09 per unit price suggested by the total value compares to Thursday’s BRL15.21 close. A unit consists of one common share and two preferred shares. ING's position in SulAmerica will be reduced to approximately 13.6% after the deal is complete. IFC is to appoint one board

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