Simpson Thacher represented Mercantil Colpatria S.A. (“Mercantil Colpatria”) in connection with its sale to AXA S.A. of a 51% interest in its insurance operations in Colombia. Mercantil Colpatria will receive approximately $350 million in cash pursuant to the transaction. After completion of the transaction, Mercantil Colpatria will retain 49% ownership of the insurance operations. The transaction is subject to regulatory approval.
Mercantil Colpatria is a conglomerate whose business operations have a leadership presence in Colombia’s banking, construction, insurance, pension fund and health sectors. Mercantil Colpatria’s insurance business is the number four insurance player in Colombia with a 7% market share, including operations in property and casualty and life and savings.
The Simpson Thacher team includes: Ed Chung, David Williams, Borja Marcos, Jasmine Kaufman and Andrés Pesaque (M&A), Adam Wells (Tax), Marcela Robledo (IP), Chris Brown (Credit) and Steve DeLott (Insurance).