Principal Financial Group, Inc. announced today that it has signed a definitive agreement to acquire AFP Cuprum S.A., a leading pension manager in Chile with approximately $32.1 billion of assets under management. Businessweek reported that the $1.5 billion deal is the largest acquisition for the U.S.-based seller of life insurance and retirement products.
"This was really the one part of the system we had not been able to penetrate," Principal's Chief Executive Officer Larry Zimpleman said in an interview. "We can clearly pursue additional opportunities for contributions and revenue on the voluntary side, no question."
The agreement requires Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63% ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37% of publicly traded shares. This action, combined with its current business in Brazil, Chile and Mexico, will give Principal an even larger presence in faster growing emerging markets.
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