Principal Financial Group Inc Completes Cuprum Acquisition
Principal Financial Group Inc announced that the AFP Cuprum S.A. (Cuprum) acquisition is complete. On October 8, 2012, The Principal announced a definitive agreement to acquire Cuprum, which required Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63% ownership in Cuprum pursuant to a public tender offer that also included the remaining 37% of publicly traded shares, which has been completed giving The Principal a 90.4% ownership stake in Cuprum. The Principal intends to acquire the remaining shares after completion for a total purchase price of USD1.5 billion less assumed debt.
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