CNP Assurances finalized the acquisition of the shares held by Caixa Seguridade in Odonto Empresas Convênios Dentários Ltda., “Odonto Empresa”, raising its shareholding to 100%.
Odonto Empresa markets its products to approximately 315,000 customers, with annual volume collected of R$60 million in 20211.
This closing, for an amount of 18 204 657 BRL², is part of a larger deal announced on September 14th 2022, enabling CNP Assurances to pursue its international development strategy by buying out Caixa Seguridade’s interests in five companies that distribute death/disability and health insurance, dental insurance, savings and consórcio products (Holding Saúde, Previsul, Odonto Empresa, CNP Capitalização and CNP Consorcios).
The closing of the remaining acquisitions (i.e. Holding Saúde, Previsul and CNP Capitalização) is subject to various conditions precedents, including the approval of the relevant Brazilian regulatory authorities.
Stéphane Dedeyan,
Chief Executive Officer of CNP Assurances :
"Today we are completing the penultimate stage of an acquisition project that is fully in line with our international and multi-partner development strategy.
The signing of these agreements will enable CNP Assurances, Brazil's third-largest insurer, to accelerate its development in Brazil by relying on two distribution models: an exclusive long-term partnership with its long-standing partner in Brazil, Caixa Econômica Federal, and new growth drivers under an open model with these wholly-owned acquisitions.”
1 Around €9.4m at an average 2021 rate of €1 = BRL 6.38
2 Approximately € 3.3M at a rate of BRL 5.52 per €1