AFP Habitat’s $174 Million Acquisition of Colfondos Pensiones y Cesantías

Debevoise & Plimpton, Brigard Urrutia, Torys and Posse Herrera Ruiz advised on the deal

Inversiones La Construccion (ILC) and Prudential Financial Inc., through AFP Habitat, executed an agreement to acquire, through AFP Habitat S.A., 100% of the ownership of Colfondos S.A. Pensiones y Cesantías, a Colombian pension fund manager currently owned by Scotiabank and Grupo Mercantil Colpatria.

Colfondos is the third largest pension fund manager in Colombia, with 1,916,000 clients and 27 years of history. The transaction involves the purchase, by Habitat, of 100% of the ownership of AFP Colfondos. As per an official communication of AFP Habital to the national regulator CMF, the price of the transaction in 585.000 million pesos ( 170 million dolars) that will be paid in cash.

The transaction is subject to usual closing conditions, including regulatory approvals.

AFP Habitat will consolidate its presence in Chile, Peru and Colombia reaching a market of around 100 million inhabitants and over 850,000 million dollars of total GDP.

Debevoise & Plimpton advised AFP Habitat with David Grosgold (Picture), Gary Friedman, Meir Katz, Erich O. Grosz, Judith Church, Thomas Lopez, Jose Angel Lamarque, Lillian Jo Aston, Robert Nelson-Sullivan, Zain Kazmi, Robert Dura and Carolina Kupferman.

Brigard Urrutia advised AFP Habitat with Darío Laguado Giraldo, Ángela García Páez, Sergio Velandia, Christian Díaz Ordóñez, Luz María Arbeláez, Maria Fernanda Sánchez, Juan Nicolás Laverde and Nicolás Alonso.

Torys advised Scotiabank with (Ricco) A.S. Bhasin, Andrew Silverman, Na Fan and Brook Wong.

Posse Herrera Ruiz advised Scotiabank with Óscar Tutasaura, Juan Guillermo Ruiz, Lina Lineros, Isabel Torres and Pablo Fernández Bonilla.

Involved fees earner: Luz María Arbeláez – Brigard & Urrutia; Christian Díaz Ordóñez – Brigard & Urrutia; Nicolás Alonso Escobar – Brigard & Urrutia; Darío Laguado Giraldo – Brigard & Urrutia; Juan Nicolás Laverde – Brigard & Urrutia; María Fernanda Sánchez – Brigard & Urrutia; Sergio Andrés Velandia – Brigard & Urrutia; Judith Church – Debevoise & Plimpton; Robert Dura – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; David Grosgold – Debevoise & Plimpton; Erich Grosz – Debevoise & Plimpton; Lillian Jo Aston – Debevoise & Plimpton; Meir Katz – Debevoise & Plimpton; Zain Kazmi – Debevoise & Plimpton; Carolina Kupferman – Debevoise & Plimpton; Jose Angel Lamarque III – Debevoise & Plimpton; Thomas Lopez – Debevoise & Plimpton; Robert Nelson-Sullivan – Debevoise & Plimpton; Ángela García Páez – Gómez-Pinzón; Pablo Fernández – Posse Herrera Ruiz; Lina Lineros – Posse Herrera Ruiz; Juan Guillermo Ruiz – Posse Herrera Ruiz; Isabel Torres – Posse Herrera Ruiz; Oscar Tutasaura – Posse Herrera Ruiz; (Ricco) A.S. Bhasin – Torys LLP; Na Fan – Torys LLP; Andrew Silverman – Torys LLP; Brook Wong – Torys LLP;

Law Firms: Brigard & Urrutia; Debevoise & Plimpton; Gómez-Pinzón; Posse Herrera Ruiz; Torys LLP;

Clients: AFP Habitat SA-Pension Fund Type E; Scotiabank;

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Author: Ambrogio Visconti.