Liberty International agrees to buy Chilean insurer Penta Security
SANTIAGO, July 13 (Reuters) - A unit of U.S. insurer Liberty Mutual Group has reached a deal to buy Chilean insurer Penta Security for $162 million, the Santiago-based company said on Monday.
According to the deal, unit Liberty International Holdings will snap up some 10.9 million shares in Penta Security at around $14.80 a piece.
The deal must still be approved by Chile's financial regulator, has to meet certain conditions and should be completed before December 30, Penta Security said in a statement.
Last week, financial group Penta agreed to sell its credit portfolio to Banco de Chile and its brokerage and funds manager to Grupo Security.
Penta has seen itself forced to sell assets as its owners, Carlos Delano and Carlos Lavin, are being investigated for fraud and bribery, as part of a wider probe into illicit electoral campaign financing. (Reporting by Gram Slattery; Editing by Anthony Esposito and Nick Zieminski)
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