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Grupo Sura ups stake in asset management unit in $383.2M deal

Grupo de Inversiones Suramericana S.A. will increase its total ownership in its Sura Asset Management SA unit after striking a $383.2 million deal to acquire stakes held by the International Finance Corp. and IFC ALAC Spain S.L.

According to an April 4 statement, Grupo Sura will add a roughly 4.87% stake in the asset management unit, increasing its total holding to 83.58% from 78.71%.

The deal marks the latest in a string of stake purchases that has steadily increased Grupo Sura's ownership in the unit. The company upped its stake by more than 7 percentage points in March 2016 by exercising an option agreement with General Atlantic Coöperatief UA. In 2015, it struck a $267 million deal to acquire a 4.38% stake from JP Morgan SIG Holdings.

Sura Asset Management had 339 trillion Colombian pesos in total assets at year-end 2016.

As of April 4, US$1 was equivalent to about 2,873.69 Colombian pesos.