IHC and JGDB take 87% of Grupo Nutresa

IHC and JGDB take 87% of Grupo Nutresa

Esguerra Asesores Jurídicos assisted Colombian firm Grupo Sura – a significant shareholder in Grupo Nutresa, the country’s largest food conglomerate – on Nutresa’s proposed sale of 87% of its share capital to Nugil and JGDB Holding (owned by the Gilinski family) and IHC Capital (owned by the royal family of the United Arab Emirates).

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The deal, which follows a series of public offerings of shares and intense negotiations between some of Colombia’s most influential economic groups, culminated in the signing of an agreement on June 15, which stipulates that, for every share of Nutresa transferred to the purchasers, Grupo Argos will receive 0.96 shares of Sura and 0.28 shares of Argos, and, consequently, Grupo Argos must transfer 9.9% of its stake in Nutresa to IHC Capital, Nugil and JGDB Holding, while the later three companies must ceased to be shareholders in Grupo Sura.

Nutresa owns more than 60 food brands that are marketed both in Colombia and internationally. With a market cap of more than $6 billion, the company accounts for 8% of New Granada’s industrial GDP. The value of the deal, which awaits regulatory approval, has not been disclosed.

Esguerra Asesores Jurídicos assisted Sura in relevant negotiations with a team led by partners Andrés Parias (corporate law and M&A) and Felipe Piquero (litigation and corporate law). The two partners previously provided advice for Sura on corporate, securities and administrative law matters regarding Grupo Gillinski’s hostile takeover bids. The partners also advised Sura in lawsuits brought by the parties before several jurisdictions that would be settled in the event that the transactions arising from the deal were closed.

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