Principal plans to acquire Chilean pension company
Monday, October 08, 2012 3:21 PM
Principal Financial Group Inc. signed an agreement to acquire AFP Cuprum SA, a leading pension manager in Chile.
The agreement requires Empresas Penta SA and Inversiones Banpenta Limitada to sell their 63 percent ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37 percent of publicly traded shares.
Based on current exchange rates, the purchase price for 100 percent of the company is approximately $1.51 billion.
Pending Chilean regulatory approval and the fulfillment of other conditions, the transaction is expected to close in first quarter of 2013.