CNP deal

Several firms act in CNP agreements to acquire five companies

Mattos Filho acted in Brazil together with Cleary Gottlieb that representing French insurance company CNP Assurances in the acquisition of the stakes held by Caixa Seguridade Participações, wich was represented by Machado Meyer; and Icatu Seguros, represented by Pinheiro Neto Advogados, 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, Companhia de Seguros Previdência do Sul – Previsul, Odonto Empresas Convênios Dentários, CNP Consórcio Administradora de Consórcios and CNP Capitalização, for a total purchase price of R$667 million, and Icatu’s interests in CNP Capitalização, 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.

The Cleary M&A team included partner Juan Giráldez, associate Silvia Fittipaldi, and international lawyer David Schechtman in the São Paulo office.

Mattos Filho advised CNP Assurances and relied on partners Marcelo Mansur Haddad (pictured left), Thomaz del Castillo Barros Kastrup, Guilherme Bouzan, Flavio Mifano, Paulo Brancher, Renata Zuccolo, Ana Candida and Thiago Luís Sombra; associates Sofia dos Santos Melo, Gabriela Fernandes Pires, Fabiana Rocha Pasmanik, Lívia Geraldi Lima, Tomas Machado de Oliveira, Igor Moreira Novais Teixeira, Lorena Coelho Robinson, Jessica Gomes, Fernanda Hormung and Nathalia Buozo.

Machado Meyer Advogados represented Caixa Seguridade and relied on partners Jose Virgilio Lopes Enei (pictured center), Eduardo Castro and Maria Eugenia Novis, and associates Pedro Henrique Ricco Verzemiassi, Daniel Ochsendorf Portugal and Erica Yamashita.

Pinheiro Neto advised Icatu and relied on partner Eduardo Paoliello (pictured right) Carlos Eduardo Azevedo and associates Otavio Balero Pereira de Carvalho and Mariana Magalhães Lobato.

Icatu in-house counsel: Greici Ruas.