Pérez-Llorca advises Prudential Financial on sale
Pérez-Llorca has advised Prudential Financial on the sale of its businesses in Brazil and Mexico to French insurance group CNP Assurances, in a transaction valued at a combined $4.025 billion.
The deal covers 100% of the share capital of Prudential of Brazil and Prudential of Mexico, which will be acquired by CNP Seguradora and CNP Assurances Holding, respectively. Completion is subject to regulatory approvals and the customary conditions for this type of transaction.
The divestment forms part of Prudential Financial’s strategy to simplify its international structure and concentrate resources on markets with long-term growth potential, in particular the United States, Japan and certain European markets. For CNP Assurances, which already operates in Brazil, the acquisition increases its presence there and gives it entry into the Mexican market, consolidating its position in Latin America.
Pérez-Llorca acted as legal adviser to Prudential Financial in Mexico, with Willkie Farr & Gallagher and Mattos Filho also advising the seller. CNP Assurances received legal advice from Skadden, Arps, Slate, Meagher & Flom, BMA Advogados in Brazil and Galicia Abogados in Mexico. On the financial side, Morgan Stanley advised Prudential Financial and Goldman Sachs advised CNP Assurances.
The team
The Pérez-Llorca team worked across jurisdictions and practice areas, with teams in Spain and Mexico. It was led by M&A Insurance partner Joaquín Ruiz Echauri, M&A partner Bernardo Reyes Retana and Antitrust partner Patricio Martínez. They were joined by M&A lawyer Francisco Álvarez Campos and M&A Insurance lawyer Fátima Eizaguirre. Specialist input came from Litigation lawyer Luisa Fernanda Esquinca Pacheco, Employment lawyer Vanessa Flores Rojas, IP lawyer Manuel Gutiérrez Gómez and Social Security lawyer Daniela Hidalgo Martínez. Also on the team were Real Estate lawyer Alfonso Palafox Camacho, Antitrust lawyer Michelle Posada Mendoza and Tax lawyer Miguel Ángel Rosas Ortiz.
