PPU assists Mutua Madrileña’s entry into Colombia
Law firm Philippi Prietocarrizosa Ferrero DU & Uría (PPU) in Colombia has advised Mutua Madrileña Automovilistica on the initial adquisiton of 45 per cent stake in Seguros del Estado and Seguros de Vida del Estado, marking the Spanish insurance company’s entry into the Colombian market.
The deal gives the Spanish insurance company the chance to expand its stake in Seguros del Estado in the future.
Ignacio Garralda, president of Grupo Mutua Madrileña, said, “the purchase of Seguros del Estado meets all the criteria for the company to continue its international expansion, entering into a legally stable market and with growth potential, with a local partner that has an excellent corporate reputation and is positioned among the leaders in the Colombian insurance market.”
PPU acted as counsel to Mutua Madrileña with a team led by partner Claudia Barrero (pictured), with principal associate Luz María Mercado.
DLA Piper Martínez Beltrán acted as counsel to Seguros del Estado and Seguros de Vida del Estado, with a team led by partners Juan Manuel de la Rosa and Felipe Quintero.
