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CNP Assurances terminates Pan Seguros deal with BTG Pactual

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CNP Assurances terminates Pan Seguros deal with BTG Pactual

CNP Assurances SA has terminated its 700.0 million Brazilian reais ($221.5 million) agreement to acquire a 51% stake in Pan Seguros SA and Pan Corretora from Banco BTG Pactual SA, saying that some of the conditions precedent to the deal's completion failed to be met.

In it's own statement, Banco BTG Pactual acknowledged the deal's termination, citing "the inability to satisfy certain conditions precedent to ... the closing of the sale."

CNP Assurances and Banco BTG Pactual, a unit of BTG Pactual Group, had announced the deal in April 2016 following months of negotiations.

As of Feb. 1, US$1 was equivalent to 3.16 Brazilian reais.