Grupo Financiero Banorte to Acquire Afore Bancomer

November 29, 2012

On November 27, 2012, Grupo Financiero Banorte announced that it had reached an agreement with Grupo BBVA to acquire Administradora de Fondos para el Retiro Bancomer, S.A. de C.V. (“Afore Bancomer”) in a transaction estimated to be valued at $1.6 billion.

On November 27, 2012, Grupo Financiero Banorte announced that it had reached an agreement with BBVA Group to acquire Administradora de Fondos para el Retiro Bancomer, S.A. de C.V. (“Afore Bancomer”) through Afore XXI Banorte, S.A. de C.V. (“Afore XXI Banorte”), a subsidiary of Banco Mercantil del Norte, S.A. (“Banorte”).  The transaction, estimated to be valued at $1.6 billion, will be financed 50% by Banorte and 50% by the Mexican Social Security Institute.  The final purchase price is subject to adjustments for Afore Bancomer’s available excess in capital at the closing date.  The transaction is subject to regulatory approval. 

Afore Bancomer’s operations will be merged into Afore XXI Banorte, and following the transaction, Afore XXI Banorte will have approximately $516.5 billion pesos of assets under management, making it the largest retirement savings manager in Mexico.  Afore XXI Banorte is owned 50% by Banorte and 50% by the Mexican Social Security Institute.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions