Fernando Barros and Pablo Guerrero

B&E advises Grupo Security on merger with Bicecorp

Barros & Errázuriz has advised Grupo Security and its main shareholders in the negotiation of a business combination between Grupo Security and Bicecorp.

As a result of this transaction, Bicecorp will acquire 100% of the shares of Grupo Security through a tender offer and subsequent merger between Grupo Security and Bicecorp.

Regulatory approvals from the Chilean antitrust and financial authorities are pending, as is customary in such transactions. Once completed, the integration will establish a unified conglomerate, positioning it as a leading player in the Chilean banking and insurance market.

The transaction is worth USD 3.1 billion, with JP Morgan advising Grupo Security on financial matters, while Alcaino Abogados and Goldman Sachs acted as legal and financial advisors to Bicecorp, respectively.

The advice involved negotiating the transaction documents, filing regulatory approvals, finalising documentation, managing the initial public offering stage and concluding the merger process.

Grupo Security is a holding company of a major Chilean financial conglomerate, which is active in the banking, insurance, asset management, travel and real estate segments.

B&E’s team was led by partners Fernando Barros (pictured left) and Pablo Guerrero (pictured right), with support from senior associates Mary Anne Hohmann and Jorge Covarrubias, and associate Sophia Schiappacasse.

L Giselle Estrada