Principal Financial Group Inc To Acquire AFP Cuprum S.A.
Principal Financial Group Inc announced that it has signed a definitive agreement to acquire AFP Cuprum S.A. (Cuprum). The agreement requires Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63% ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37% of publicly traded shares. This action, combined with its current business in Brazil, Chile and Mexico, will give The Principal an even larger presence in faster growing emerging markets. Based on current exchange rates, the purchase price for 100% of the Company is approximately $1.51 billion, subject to adjustments for pre-closing dividends. Pending Chilean regulatory approval and the fulfillment of other conditions, the transaction is expected to close in first quarter 2013 and be immediately accretive to EPS and ROE. Lazard acted as financial advisor to The Principal on the transaction. Cariola, Díez, Pérez-Cotapos and Debevoise & Plimpton acted as legal counsel to The Principal.
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