Uría Menéndez advises El Corte Inglés on a strategic alliance with Mutua Madrileña
Uría Menéndez has advised El Corte Inglés (ECI) on a strategic alliance with Mutua Madrileña for the development and commercialization of life and non-life insurance products, investment products and pension funds. The transaction comprises: the sale of 50.01% of ECI’s insurance business to Mutua Madrileña, specifically the sale of a 50.01% stake in ECI’s life insurance company Seguros El Corte Inglés, Vida, Pensiones y Reaseguros, S.A. and in ECI’s tied insurance agent Centro de Seguros y Servicios ECI, Agencia de Seguros Vinculada, S.A. and the sale to Mutua Madrileña of shares representing 8% of the share capital and voting rights of ECI; and an agreement to jointly establish an agencia de valores (securities agency) for the commercialization of investment products.
The deal value is EUR 1.1 billion.
The team was formed by Javier Ruiz-Cámara (partner, M&A – Private Equity, Madrid); Jaime del Fraile (counsel, M&A – Private Equity and Insurance, Madrid); Clara Muñoz (senior associate, M&A – Private Equity, Madrid); Yulia Kalyuzhyna (associate, M&A – Private Equity, Madrid).
