Sura and Bolívar Groups Close Million-Dollar Deal Announced a Year Ago
Sura Completes Acquisition of Grupo Bolívar’s Stake in Sura Asset Management
Medellín, Colombia – In a move that ends a decade-long partnership, Grupo Sura has finalized the acquisition of Grupo Bolívar’s stake in Sura Asset Management (Sura AM). The deal, initially announced in late 2023, sees Sura increase its ownership in Sura AM to 93.32%.The transaction involved the purchase of 254,930 ordinary shares,representing 9.74% of Sura AM. The total price tag for the acquisition reached $1.58 trillion Colombian pesos,paid in three installments.
“We reiterate our gratitude to Grupo Bolívar for the more than 11 years of alliance that allowed us to grow and consolidate Sura AM as a leading company in the savings and investment business in the region,” stated Grupo Sura.
Grupo Bolívar also expressed thankfulness for the partnership, highlighting their joint efforts in helping individuals achieve their financial goals across Sura AM’s various markets.
The acquisition comes as sura and Argos, another major Colombian conglomerate, are expected to announce the mechanism for their long-awaited cross-shareholding unwinding, a process that has been in place for over 40 years. Market analysts anticipate an proclamation before the end of the year.
Sura Takes Full control of Sura Asset Management After Acquiring Grupo Bolívar’s Stake
Medellín, Colombia – In a meaningful move for the Colombian financial market, Grupo Sura has completed it’s acquisition of Grupo Bolívar’s stake in Sura Asset Management (Sura AM), increasing its ownership to a commanding 93.32%. This concludes a decade-long partnership between the two conglomerates.
The deal saw sura purchase 254,930 ordinary shares, representing 9.74% of Sura AM, for a total of $1.58 trillion Colombian pesos. The payment was structured in three installments.
Both Grupo sura and Grupo Bolívar expressed gratitude for the collaborative partnership that spanned over 11 years and contributed to Sura AM’s position as a leading player in the region’s savings and investment sector.
This acquisition occurs amidst ongoing developments regarding the long-standing cross-shareholding arrangement between Sura and Argos, another Colombian giant. Market analysts predict an announcement regarding the unwinding mechanism for this 40-year-old structure before year’s end.