Principal Financial Group has agreed to purchase Chilean pension company AFP Cuprum for about $1.51 billion to expand in emerging markets, the U.S. insurer and asset manager said on Monday.According to the deal, Principal Financial will use a public tender to acquire 63 percent of the company held by financial groups Empresas Penta and Inversiones Banpenta, along with the remaining 37 percent. Cuprum currently has about $32.1 billion in assets under management."This acquisition continues our effort to find targeted, strategic acquisitions that strengthen our competitive position in the most attractive emerging retirement and long-term savings markets," said Larry Zimpleman, Principal Financial chairman, president and chief executive."Cuprum represents the sixth such transaction in the past two years and adds meaningfully to our fee-based earnings, giving us continued financial flexibility."
Principal Financial Group, Inc. (PFG) is a provider of retirement savings, investment and insurance products and services. Shares of PFG traded higher by 0.04% or $0.01/share to $27.77. In the past year, the shares have traded as low as $21.42 and as high as $29.96. On average, 1948660 shares of PFG exchange hands on a given day and today's volume is recorded at 903564.
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