After a series public offering of shares and intense negotiation between some of Colombia’s most influential business groups, the deal culminated on 15th June with the signing of a contract that stipulates Grupo Argos receives 0.96 shares Sura and 0.28 Argos for each share of Nutresa sold to the purchasers. Furthermore, Grupo Argos is required to transfer 9.9% stakes in Nutresa, to IHC Capital Nugil, and JGDB Holding. These companies are also required to cease to
Nutresa is the owner of more than 60 food products that are sold both in Colombia as well as internationally. The company’s market capitalization is more than $6 billion and accounts for 8% New Granada’s industrial GDP. The deal’s value, which is awaiting regulatory approval, was not disclosed.
Esguerra Asesores Juridicos aided Sura with relevant negotiations, working alongside a team of partners led by Andres Parias and Felipe Piquero. Both partners had previously advised Sura in corporate, securities and administrative matters relating to Grupo Gillinski’s hostile takeover offers. They also provided advice to Sura on lawsuits filed by the parties in several jurisdictions, which would be settled if the transaction arising from this deal was closed.