Colombia's largest financial holding firm Grupo de Inversiones Suramericana (GIVSY, GRUPOSURA.BO) has added another coinvestor to its upcoming $3.5 billion purchase of ING Groep's (ING, INGA.AE) Latin American pension business, the company said in a regulatory statement.
Grupo Sura, as the conglomerate is known, said Grupo Bolivar will contribute $400 million to the purchase cost for ING's assets.
Grupo Bolivar is a holding firm that controls insurance company Seguros Bolivar as well as Davivienda (PFDAVVNDA.BO), Colombia's third largest bank by assets.
The news comes after Grupo Sura confirmed last week that the World Bank's investment arm would also be a co-investor in the deal, with a $200 million contribution.
Beyond Grupo Bolivar and the World Bank, Grupo Sura said the deal may end up including other coinvestors as well. It said it will notify the regulator if and when such coinvestors are confirmed.
The deal should be finalized before the end of this year, the firm said.
Grupo Sura plans to come up with its share of the purchase price through a recent stock placement on the Colombian Stock Exchange, and with loans from local and international banks.
The news of the World Bank's support for the deal helped Grupo Sura shares rise 1.2% Friday, to close at COP31,380.
Grupo Sura, which has a controlling stake in Colombia's largest bank, Bancolombia SA (CIB, BCOLOMBIA.BO), is a pillar of a larger conglomerate known in Colombia as the Antioquean Syndicate.
It is named for the region that surrounds and includes Medellin.
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