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Assurant acquires The Warranty Group in cross-border mega deal

Por: Latin LawyerImprimirVisualizar em PDF

Willkie Farr & Gallagher LLP in New York, Pinheiro Neto Advogados in São Paulo and Nader, Hayaux & Goebel in Mexico City and London have advised New York risk management solutions provider Assurant on its US$2.5 billion acquisition of insurance provider The Warranty Group.

The New York, London, Washington DC and Brussels offices of Skadden, Arps, Slate, Meagher & Flom LLP, Carey in Santiago, Creel, García-Cuéllar, Aiza y Enriquez SC in Mexico City and BMA - Barbosa, Müssnich, Aragão in Rio de Janeiro provided counsel to The Warranty Group. Allende & Brea in Buenos Aires and Rebaza Alcazar in Lima are also thought to have advised The Warranty Group, but this was not confirmed before publication. Further counsel to Assurant could not be confirmed.

The deal sees the two companies combine under Assurant's name. Assurant shareholders own a majority 77% stake in the combined company. The Warranty Group was formerly a portfolio company of one of the largest private equity investors in the world, Texas Pacific Group Capital (TPG Capital), which, along with its affiliates retains a 23% share in the combined entity.

Pinheiro Neto assisted Assurant with regulatory analysis in Brazil and carried out due diligence of three The Warranty Group subsidiaries in that country – insurance provider Virginia Surety Companhia de Seguros do Brasil, The Warranty Group Brasil and The Warranty Group Warranty Serviços do Brasil. Meanwhile, Nader Hayaux advised Assurant in the due diligence of three further subsidiaries of The Warranty Group in Mexico – insurance provider Virginia Surety Seguros, The Warranty Group Operadora de Servicios, and The Warranty Group Mexico. The firm is currently helping Assurant in the preparation and filing of applications to obtain regulatory approvals required in Mexico to complete the transaction.

The deal was signed on 18 October.

 

Counsel to Assurant

Willkie Farr & Gallagher LLP

 

Pinheiro Neto Advogados

Partner Bruno Balduccini and associates Roberto Panucci Filho and Leonardo Baracat Bedicks in São Paulo

 

Nader, Hayaux & Goebel

Partners Luciano Perez and Yves Hayaux du Tilly, and associates Jose Andres Rivas, Enrique Salcedo, Lorena Tejeda and Ander Lozano in Mexico City, and associate Juan Pablo Sainz in London

 

Counsel to The Warranty Group

 

Skadden, Arps, Slate, Meagher & Flom LLP

Partners Sven Mickisch, Jon Hlafter, Dwight Yoo, Neil Leff, Joseph Penko and Kenneth Schwartz, and associates Michael Messina and Matthew Nemeroff in New York; partner Jessica Hough in Washington, DC; partner Robert Stirling in London; and partner Giorgio Motta in Brussels

 

BMA - Barbosa, Müssnich, Aragão

Partner Henrique Beloch and associate Adriano Carneiro in Rio de Janeiro

 

Carey

Partners Pablo Iacobelli and Guillermo Acuña, and associates Matías Vergara and Feliciano Tomarelli in Santiago

 

Creel, García-Cuéllar, Aiza y Enriquez SC

Partners Leonel Pereznieto, Luis Gerardo García and Mauricio Serralde, counsel María José Pinillos and associates Allan Olmedo and Aleine Obregón in Mexico City

 

This article was updated on 7/11/17 to include Nader Hayaux as counsel to Assurant.

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