CNP Assurances enters into agreement to acquire 51% of Pan Seguros and Pan Corretora
CNP Assurances has entered into an agreement to acquire a 51% stake in Pan Seguros (excluding its large risks P&C portfolio) and Pan Corretora from Banco BTG Pactual (“BTGP”). Caixa Economica Federal (“CEF”) holds indirectly 49% in both companies.
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Pan Seguros’ distributes its products - especially credit insurance and protection products – through an exclusive partnership with Banco PAN, as well as a number of partnerships with other financial institutions, including CEF, and specialized distributors (car dealerships, retailers…). The distribution agreement with Banco PAN runs until 2034.
By combining CNP Assurances’ life insurance expertise with Pan Seguros’ footprint, this transaction will allow the clients of Banco PAN and Pan Seguros’ other partners to benefit from an extended and value-creating product offering.
The agreed purchase price for the two stakes combined is R$700m, subject to certain adjustments depending on Pan Seguros and Pan Corretora’s financial performance until closing. CNP Assurances intends to finance this transaction using existing own financial resources.
Completion of the transaction remains subject to regulatory and competition authorities’ approval, as well as CEF’s consent, CEF being the co-shareholder in Pan Seguros and Pan Corretora.
This transaction serves CNP Assurances Group’s double strategic priority to reinforce its presence in Brazil – its second largest market after France – and develop its personal risk and protection business.
The transaction is expected to close in the first half of 2017.
“This agreement is an important step in the implementation of our strategic priorities in Brazil. Thanks to the long term partnership between Pan Seguros and Banco PAN, we reinforce our presence in Brazil by gaining access to 3.4 million clients while diversifying our distribution networks”, said Frédéric Lavenir, CEO of CNP Assurances.
Next Finance , April 2016
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