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ILC inks deal to buy remaining stake in Confuturo

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ILC inks deal to buy remaining stake in Confuturo

, orILC, signed a deal with Corp GroupBanking SA, Fondo de Inversión Privado Corp Life and Corp Group InterholdSpA, to acquire the group's remaining shares in holding company Inversiones Confuturo,formerly known as Corp Group VidaChile SA, for 49.27 billion Chilean pesos, ILC said in a securitiesfiling.

Whenthe deal closes, which is expected to happen in June, ILC will buy 488.49 millionshares from Corp Group to give ILC a 100% stake in Compañía de Seguros Confuturo SA, formerly CorpVida, andCompañía de Seguros CorpSeguros SA.

In November2013, ILC acquired CorpVida and Corpseguros through its purchase of a 67% stakein Corp Group Vida Chile and later rebrandedCorpVida as Confuturo.

Underthat original agreement, Corp Group retained the right to sell its remaining sharesto ILC in the future.

As of May 5, US$1 was worth 668.21Chilean pesos.