Principal Financial to acquire Cuprum Principal Financial Group announced that it has signed a definitive agreement to acquire AFP Cuprum. The agreement requires Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63 percent ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37 percent of publicly traded shares. This action, combined with its current business in Brazil, Chile and Mexico, will give The Principal® an even larger presence in faster growing emerging markets. Based on current exchange rates, the purchase price for 100 percent of the company is approximately USD$1.51B subject to adjustments for pre-closing dividends. Pending Chilean regulatory approval and the fulfillment of other conditions, the transaction is expected to close in first quarter 2013 and be immediately accretive to EPS and ROE.
News For PFG From The Last 14 Days
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Principal Financial upgraded to Outperform from Market Perform at Keefe Bruyette Keefe Bruyette upgraded Principal Financial citing the recent pullback in shares and expectations for return-on-equity improvement. The firm raised its price target for shares to $56 from $54.