Canadian pension fund manager Caisse de dépôt et placement du Québec has agreed to acquire a 6.68% stake in Sura Asset Management SA for about US$247 million, according to a statement from Grupo de Inversiones Suramericana SA.
The shares will be acquired from Banagrícola SA, a unit of Bancolombia SA, and International Investments SA, a subsidiary of Peruvian conglomerate Grupo Wiese. The deal, which is subject to regulatory approvals, includes all the shares Banagrícola and International Investments hold in Sura Asset Management.
Bancolombia disclosed that Banagrícola is selling a 3.65% stake in Sura Asset Management for about US$135.2 million. That would suggest International Investments' portion of the sale consists of a roughly 3% stake worth approximately US$111.8 million.
"With the help of this new strategic shareholder, SURA AM shall continue to strengthen its strategy of driving its sustainable growth in the pension, savings and investment sectors in Latin America," Grupo Sura said.