This content is from: Innovation

Zurich Buys $1.67B Santander LatAm Unit

Zurich Financial Services will acquire a 51% stake in Banco Santander’s insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay.

Zurich Financial Services will acquire a 51% stake in Banco Santander’s insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay, Bloomberg reports. The Swiss insurer will pay $1.67 billion for the stake.

The Zurich-based firm seeks to fund the acquisition from existing cash and through the issuance of hybrid debt. Zurich Financial Services has also agreed on a 25-year distribution agreement in Latin America.

Click here for the story from Bloomberg.

Click here for additional coverage from The Wall Street Journal.

Related Content