Azevedo Sette Advogados has helped Spanish insurance company Mapfre buy out its Brazilian joint venture business partner BB Seguridade from local insurance provider BB Mapfre for 2.4 billion reais (US$636 million).
BB Seguridade, which is Banco do Brasil’s insurance arm, relied on BMA - Barbosa, Müssnich, Aragão. The deal was signed on 26 June.
BB Mapfre provides insurance for cars and property.
BB Seguridade sold its stake to improve profitability levels.
Counsel to Mapfre
Azevedo Sette Advogados
Partner Rafael Adler and associates Vanessa Soares Lanfranchi and Alessandra Martins de Souza
Counsel to BB Seguridade
BMA - Barbosa, Müssnich, Aragão
Partners Paulo Cezar Aragão, Tatiana Amorim and André Abbud, and associates Carlo Sivieri and Marcel Hashimoto
Practice area : Corporate and M&A, Insurance & reinsurance
Country : Brazil
Industry : Insurance