ARIAS advises Centro Financiero Crecer on the acquisition of AFP Crecer for US$60 million  

June 14, 2024

ARIAS El Salvador advised Centro Financiero Crecer, S.A., a member of the Grupo Rizek in the Dominican Republic, on the acquisition of AFP Crecer, S.A., a subsidiary of the Colombian Grupo Protección for a total of US$60 million, in a historic transaction in which Colombian firms Gómez Pinzón, Posse Herrera Ruiz and Dentons also participated.

The acquisition represents a significant milestone for the country and marks the beginning of Grupo Rizek’s operations in El Salvador.

Centro Financiero Crecer, S.A. is a well-established financial institution with a strong track record in providing innovative and customer-focused pension solutions. AFP Crecer, S.A., known for its financial excellence and stability, is a leading provider of pension fund management services.

The ARIAS team played a key role in advising Centro Financiero Crecer, S.A. on all aspects of the transaction, from the initial due diligence process to the negotiation and signing of the definitive purchase agreement. The team also provided comprehensive legal advice on the complex regulatory approvals required for the transaction, including the implementation of a novel corporate structure.

"We are delighted to have advised Centro Financiero Crecer, S.A. on this landmark transaction," said Ana Mercedes López, partner at ARIAS El Salvador. "We are confident that this will create significant value for both Centro Financiero Crecer, S.A. and its clients," she added. 

For his part, Rafael Burgos, Senior Associate at ARIAS, commented: "I would like to congratulate our client, this is a tremendous achievement and reflects the strategic vision, leadership and dedication of the entire team".

Jurisdictions involved:

Colombia, Dominican Republic and El Salvador.

Lawyers involved in the transaction:

 Advising the buyer:
 
Ana Mercedes López and Rafael Burgos (Arias, El Salvador).
Lina Uribe, Andres Felipe Fonseca and Juan Felipe Sáenz Dussan (Gómez Pinzón, Colombia)

Advising the seller:

Susana Gómez and Daniel Meza (Posse Herera Ruiz, Colombia).
Daniel Martínez and David Aguilar (Dentons, Colombia)

ariaslaw.com