Principal Inks $1.5B Deal To Buy Chilean Pension Fund Manager

Law360, New York (October 9, 2012, 3:21 PM EDT) -- Iowa-based insurance and investment management giant Principal Financial Group Inc. has agreed to acquire leading Chilean pension fund manager AFP Cuprum SA in a deal valued at $1.51 billion, Principal Financial said Monday.

The deal, announced near the close of business on Monday afternoon, calls for Cuprum's two largest stakeholders to sell their combined 63 percent share of the fund manager in a public tender offer. Those investors are Chilean financial services conglomerate Empresas Penta SA and Inversiones Banpenta Ltda., which each hold 31.72 percent of...
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