Cleary Gottlieb is representing Banagricola S.A., a wholly owned subsidiary of Bancolombia S.A., in the sale of its minority stake in SURA Asset Management S.A. (the company) to Caisse de Dépôt et Placement du Québec (CDPQ) for a total of approximately $135 million.
The transaction is conditioned upon CDPQ acquiring an additional 3.03 percent stake in the company from International Investments S.A. (aka Grupo Wiese) in a separate and simultaneous transaction. Consideration for the two transactions is based on the same purchase price per share of the company, and the transactions value the company at approximately $3.7 billion.
The transaction is further subject to customary closing conditions and regulatory approval from the Mexican Antitrust Commission (Comisión Federal de Competencia Económica) and is expected to close in the first quarter of 2019.
SURA Asset Management is a Latin American company in the pension, savings, and investment industries with operations in Mexico, Peru, Chile, Colombia, Uruguay, and El Salvador, among others. It is a subsidiary of Grupo SURA and operates more than $130 billion in assets under management.