Gruposura to Acquire Investment Businesses of ING Latin America

July 25, 2011

On July 25, 2011, Grupo de Inversiones Suramericana S.A. announced that it had signed an agreement to acquire ING Group’s pension, insurance and investment funds operation in Chile, Mexico, Peru, Uruguay and Colombia.


On July 25, 2011, Colombia-based Grupo de Inversiones Suramericana S.A. announced that it had signed an agreement to acquire ING Group’s pension, insurance and investment funds operation in Chile, Mexico, Peru, Uruguay and Colombia.  The transaction will is valued at $3,763 million based upon a 1.8x book value and 14.9x estimated 2012 earnings, excluding new cross-selling.  The acquired companies have approximately $70 billion in assets under management and are expected to be integrated into Gruposura’s portfolio in 2012.  Gruposura has approximately $121 billion in assets under management.  The transaction is subject to regulatory approvals in each country and is expected to be finalized over the next few months.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions