B&E counsels Consorcio Nacional de Seguros on investment in Pago Fácil shares
Barros & Errázuriz has advised life insurance company Consorcio Nacional de Seguros on the investment of Pago Fácil shares
Barros & Errázuriz has counselled Compañía de Seguros de Vida Consorcio Nacional de Seguros S.A. in the investment (mutual of money convertible into shares), and subsequent conversion of the consortium into shares of PST Pago Fácil SpA, a Chilean payment platform, on the occasion of the sale of 100% of the shares of Pago Fácil to EVO Payments, Inc. one of the largest acquirers of integrated payment businesses and processors in the world.
This transaction was closed on 3 June, marking the first Chilean corporate venture capital investment by a traditional financial institution in a Fintech company. The sale of 100% of Pago Fácil’s shares to EVO Payments, Inc. represents one of the main exits of a Chilean startup.
The investment is part of Consorcio’s commitment to enter the world of innovation and invest primarily in startups. This Consorcio programme, entitled Corporate Venture Capitals, has already made four investments in the portfolio: Pago Fácil (Chile), ElegirSeguro (Argentina), PolicyMe (Canada) and Rocketbot.
Pago Fácil is a platform that allows any person or company to collect payment through the internet in exchange for a commission for each transaction.
B&E’s team was led by partner Sergio Eguiguren (pictured left), assisted by associate Juan Sebastián Alonso (pictured right). Law firms CMS Carey & Allende, Morales & Besa and Claro & Cia. advised PST Pago Fácil SpA and EVO Payments respectively.
