French insurance company CNP Assurance has hired Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo to enter a joint venture with Caixa's insurance unit for 4.65 billion Brazilian reais (US$1.1 billion).
Brazilian state-owned Caixa Seguridade Participações relied on Pinheiro Neto Advogados. It is thought that Cleary Gottlieb Steen & Hamilton LLP in São Paulo and New York also advised CNP, but this could not be confirmed prior to publication. The deal was signed on 29 August.
The deal gives Caixa Seguridade a 60% stake in the joint venture and 49% of its voting share. CNP holds the remaining 51% alongside 40% of the economic rights.
CNP, which paid more than a billion dollars for the tie-up, will be able to sell life insurance through Caixa's 4,000 branches across Brazil until 2041 as result of the deal. The agreement replaces a previous partnership between CNP and Caixa Seguridade, which had sold a variety of insurance policies through Caixa.
Caixa Seguridade, which is one of Brazil's largest insurance companies, expects to close another insurance partnership to sell automotive and home insurances.
CNP is also present in neighbouring Argentina.
Counsel to CNP Assurance
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
Partners Marcelo Mansur Haddad, Luciana Dias Prado, Thomaz del Castillo Barroso Kastrup, João Ricardo de Azevedo Ribeiro, Eduardo Damião Gonçalves, Flavio Mifano and Thiago Luís Sombra, and associates Karen Ferraz de Aguiar Schiavon, Paula Calheiros da Costa, Flavia Hammerle Rezende, Mary Fukugakiuchi Hamasaki, Beatriz Cristina Araújo Perez, Guilherme Martins Bouzan, Scylla de Moraes Barros Fucs, Gustavo Gumier Motta, João Vicente Pereira de Assis, Giovanna Camargo e Orru, Rodrigo de Madureira Pará Diniz, Pedro Correa Falcone and Mario Márcio Saadi Lima in São Paulo.
Counsel to Caixa Seguridade Participações
Pinheiro Neto Advogados
Partners Fernando Mirandez Del Nero Gomes, Henrique Lang and Jorge Lopes, counsel Marcos Saldanha Proença, and associates Rodolfo Figliolini Schreuders, Leonardo Baracat Bedicks, Tiago Moreira Vieira Rocha and Ferrari Chauffaille in São Paulo.