Lazard acted as financial advisor to The Principal on the transaction.
Cuprum represents the sixth such transaction in the past two years and adds meaningfully to our fee-based earnings, giving us continued financial flexibility. Zimpleman, chairman, president and chief executive officer of The Principal Financial Group ®, This acquisition continues our effort to find targeted, strategic acquisitions that strengthen our competitive position in the most attractive emerging retirement and long-term savings markets. Were excited to bring them into our global investment management family, provide greater opportunities for customers and employees, and together contribute to long-term growth. ∼uprum has a strong leadership position in the Chilean pension market with the highest increase in market share among high value customers. The acquisition of Cuprum, combined with Principal Internationals current success in the Chilean annuity, mutual fund and voluntary pension markets, will generate accelerated growth because of our ability to now offer customers in Chile an unmatched line-up of pension savings and retirement income solutions from hire through retire, said Luis Valdes, president and CEO of Principal International.
The Chilean pension market has consistently grown at double-digit rates driven by a large and expanding middle class, stable economic growth and robust growth in voluntary pension products. Cuprum products include mandatory employee-funded pension plans, voluntary pension products (APV), and other long-term savings products. 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.Ĭuprum, a leading pension manager in Chile, has approximately USD$32.1 billion of assets under management(1). 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.īased 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. 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. The agreement requires Empresas Penta S.A. (NYSE:PFG), a global investment management leader, announced today that it has signed a definitive agreement to acquire AFP Cuprum S.A. (Des Moines, Iowa) Principal Financial Group, Inc. John Egan, 51, Financial Group to acquire Cuprum, the premier Chilean AFP pension company
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