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Slide #49. Principal Financial Group, Inc. — AFP Cuprum S.A.
Principal Financial Group, Inc. (NASDAQ:PFG)
AFP Cuprum S.A.
Principal Financial Group, Inc., a global investment management leader, 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 percent ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37 percent 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 percent of the company is approximately USD$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, Dez, Prez-Cotapos and Debevoise & Plimpton acted as legal counsel to The Principal.
Principal Financial Group is an insurance holding company. Co. provides businesses, individuals and institutional clients a range of financial products and services through its financial services companies. Co.'s segments include: Retirement and Income Solutions, which provides products and services for retirement savings along with select products for retirement income; Principal Global Investors, which manages assets for investors by providing equity, fixed income, real estate and other alternative investments; and Principal International, which provides pension accumulation products and services, mutual funds, asset management, income annuities and life insurance accumulation products.
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Hold (2.12 out of 4)