Milbank, Tweed, Hadley & McCloy LLP is representing Intercorp Financial Services Inc. (IFS) in connection with its acquisition of Seguros Sura S.A. (Seguros Sura) and Hipotecaria Sura Empresa Administradora Hipotecaria S.A. (Hipotecaria Sura). Completion of the transaction is subject to the satisfaction of certain closing conditions, including regulatory approvals.
Seguros Sura is a provider of annuities and life insurance policies in Peru and Hipotecaria Sura has a portfolio of real estate mortgage loans in Peru. IFS is a leading provider of financial services in Peru. IFS’ main subsidiaries are Banco Internacional del Perú, S.A.A.-Interbank (a full service bank providing general banking services to retail and commercial customers), Interseguro Companía de Seguros, S.A. (a leading insurance company providing annuities, individual life insurance, disability insurance and survivor benefits, and mandatory traffic accident insurance) and Inteligo Group Corp. (a fast-growing provider of wealth management services through Inteligo Bank and brokerage services through Inteligo SAB).
Partners Marcelo A. Mottesi and Roland Hlawaty and associate Francisco R. Nuñez led the Milbank team working on the transaction with the assistance of associates Kyle R. Smit, Daniel Valenza and Lorin Kolcun. Partner Nicholas A. Smith provided intellectual property and outsourcing advice. Special counsel Max A. Goodman and associate Archan J. Hazra provided tax advice. Associate Benjamin Sayagh provided lending advice.
Mr. Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Practice Group, said: “We are pleased to advise on yet another transaction in Latin America, and expect a busy year overall in the M&A space in Latin America.”
Juan Antonio Castro Molina and Susan Ruiz were in the IFS in-house lawyers working on the transaction.
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