CNP Assurances to Acquire Control of Five Companies in Brazil from Caixa Seguridade and Icatu

Cleary Gottlieb is representing French insurance company CNP Assurances S.A. (CNP) in the acquisition of the stakes held by Caixa Seguridade Participações S.A. (Caixa Seguridade) and Icatu Seguros S.A. (Icatu) in five companies that distribute insurance, savings, and consórcio products.

CNP currently holds stakes in the target companies through CNP Seguros Holding Brasil (CSH), a joint holding company with Caixa Seguridade.

The share purchase agreements were signed on September 13, 2022, and provide for the acquisition of Caixa Seguridade’s interests in CNP Seguros Participações em Saúde Ltda., Seguros Previdência do Sul – Previsul, Odonto Empresas Convênios Dentários Ltda., CNP Consórcio S.A. Administradora de Consórcios, and CNP Capitalização S.A., for a total purchase price of R$667 million, and Icatu’s interests in CNP Capitalização S.A., for a total purchase price of R$240 million.

The completion of the transaction is expected by mid-2023, subject to the satisfaction of customary conditions and regulatory and antitrust approvals. At closing, CNP will own 100% of the target companies.