Canada’s CDPQ to buy minority stake in Colombia’s SURA AM for $247 mln

Canadian pension fund La Caisse de dépôt et placement du Québec (CDPQ) plans to acquire a minority stake in Colombian insurance to investment company Grupo de Inversiones Suramericana S.A.'s (Grupo SURA) subsidiary SURA Asset Management (SURA AM).

CDPQ will pay $247 million for the participation in SURA AM to sellers Bancolombia and Grupo Wiese, following regulatory approval.

With the new investment, SURA AM will enhance a sustainable growth strategy in the investment, savings and pension fund management sectors throughout Latin America.

CDPQ said that this deal will further strengthen its partnership with Grupo SURA, boost its presence in one of Colombia's most promising sectors and increase its assets to $1 billion.