CNP pays more for Caixa partnership

CNP pays more for Caixa partnership

M&A Regulation Brazil Europe

France's CNP Assurances said it has agreed to pay BRL7bn ($1.69bn) to extend a partnership with Caixa Seguridade, the insurance division of the Brazilian state-owned bank Caixa Econômica Federal. In August last year, when CNP and Caixa announced the joint venture, the French insurer agreed to pay BRL4.65bn for a 40% stake. The partnership involves life and credit life insurance and pension plans. CNP said it expects to earn returns above 15% from the 25-year partnership with Caixa. "The vision i

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