April 23, 2013
Covington & Burling
advised Sura Asset Management S.A. and AFP Integra S.A., affiliates of the Latin American financial group Grupo de Inversiones Suramericana, in a joint acquisition with Profuturo AFP S.A., an affiliate of The Bank of
, of 100 percent of the shares of AFP Horizonte, S.A., the Peruvian pension fund manager, from the Spanish bank Banco Bilbao Vizcaya Argentaria S.A. and other shareholders.
AFP Integra and Profuturo AFP have each acquired 50 percent of the shares of AFP Horizonte for an aggregate purchase price of approximately
. The transaction signed and closed simultaneously on
and was carried out over the Lima Stock Exchange.
The transaction is based on a conditional authorization granted by the Peruvian pension regulator. Within the six month period following the closing, approximately half of the assets and liabilities of AFP Horizonte, and half of the fund assets managed by AFP Horizonte, are expected to transfer to Profuturo AFP, and AFP Horizonte is expected to merge into AFP Integra.
The Covington team was led by
, with the participation of
and the assistance of
advised on tax matters and
on intellectual property matters. The law firm of Miranda & Amado advised on Peruvian law matters.
Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals. Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC.
Contact: Rebecca Carr+1.202.662.5110 firstname.lastname@example.org
SOURCE Covington & Burling