WASHINGTON, April 23, 2013 /PRNewswire/ -- Covington & Burling advised Sura Asset Management S.A. and AFP Integra S.A., affiliates of the Latin American financial group Grupo de Inversiones Suramericana, in a joint acquisition with Profuturo AFP S.A., an affiliate of The Bank of Nova Scotia, of 100 percent of the shares of AFP Horizonte, S.A., the Peruvian pension fund manager, from the Spanish bank Banco Bilbao Vizcaya Argentaria S.A. and other shareholders.
AFP Integra and Profuturo AFP have each acquired 50 percent of the shares of AFP Horizonte for an aggregate purchase price of approximately $516 million. The transaction signed and closed simultaneously on April 23 and was carried out over the Lima Stock Exchange.
The transaction is based on a conditional authorization granted by the Peruvian pension regulator. Within the six month period following the closing, approximately half of the assets and liabilities of AFP Horizonte, and half of the fund assets managed by AFP Horizonte, are expected to transfer to Profuturo AFP, and AFP Horizonte is expected to merge into AFP Integra.
The Covington team was led by Gabriel Mesa, with the participation of Ruben Kraiem and the assistance of Cecile Zwiebach. Robert Heller advised on tax matters and Lee Tiedrich and Jessica Milner on intellectual property matters. The law firm of Miranda & Amado advised on Peruvian law matters.
Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals. Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC.
Contact: Rebecca Carrfirstname.lastname@example.org Photo: http://photos.prnewswire.com/prnh/20120423/CL92331LOGOCovington & Burling
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