Simpson Thacher & Bartlett advised SURA and Grupo Wiese on the sale of their insurance business in Peru.
SURA Asset Management is a pension management company with investments in the savings and investment sectors in Chile, Colombia, El Salvador, Peru, Mexico and Uruguay. Grupo Wiese is a diversified holding group in Peru. Both Sura and Grupo Wiese were shareholders in Seguros Sura in Peru.
The buyers, Intercorp, are a financial services company in Peru. The $268 million treansaction is subject to regulatory approval
Partner Juan Méndez led the Simpson Thacher team advising the sellers, which also instructed a squad at Rebaza Alcazar & de las Casas for local counsel in Peru with partners Alberto Rebaza, Felipe Boisset, Luis Miguel Elías and Camilo Maruy at the helm.
The buyers instructed Milbank in the US and Miranda & Amado in Peru.
A team from EY in Peru, which included Fernando Tori, Claudia Plasencia and Edwin Sarmiento, advised on the tax due diligence and structuring of the deal.