Wiz Soluções e Corretagem de Seguros S.A. completed the acquisition of 40% stake in CMG Corretora de Seguros from CBfácil Corretora de Seguros e Negócios Ltda.
November 02, 2020
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Wiz Soluções e Corretagem de Seguros S.A. (BOVESPA:WIZS3) entered into an agreement to acquire a 40% stake in CMG Corretora de Seguros from CBfácil Corretora de Seguros e Negócios Ltda. for BRL 89.8 million on August 6, 2020. The total consideration includes a fixed payment of BRL 44.8 million in two installments, one in the amount of BRL 22.4 million to be paid on closing and the remaining BRL 22.4 million to be paid within six months after closing. The total consideration also includes a potentially variable payment estimated at BRL 45 million, which will be calculated and paid in 2022, 2023, and 2024 based on the profit of CMG Corretora de Seguros in the immediately preceding fiscal year as well as certain agreed-upon metrics. Wiz Soluções e Corretagem de Seguros S.A. (BOVESPA:WIZS3) will also receive a purchase option to acquire an additional 9% stake in CMG, which it can exercise in 2024 subject to the achievement of certain targets by CMG Corretora de Seguros. CMG will be managed exclusively by an Executive Board composed of 3 members, being a Chief Executive Officer and a Marketing, Operations and Technology Director, both appointed by Wiz Soluções e Corretagem de Seguros S.A. (BOVESPA:WIZS3), and a Commercial Director, appointed by CBfácil Corretora de Seguros e Negócios Ltda. The transaction is subject to approval by Administrative Council for Economic Defense – CADE (Brazil’s antitrust organization) and Dissenters Rights Limited. As of August 28, 2020, the transaction has been unanimously approved by the shareholders of Wiz Soluções e Corretagem de Seguros. As of August 28, 2020, Dissenters Rights Limited has been granted to the shareholders. In the event the dissenting shareholders exercise their right to withdraw, they will receive the amount of BRL 1.23 per share issued by Wiz, corresponding to the equity value of the share on December 31, 2019.
Wiz Soluções e Corretagem de Seguros S.A. (BOVESPA:WIZS3) completed the acquisition of 40% stake in CMG Corretora de Seguros from CBfácil Corretora de Seguros e Negócios Ltda. on November 3, 2020.
Wiz Solucoes e Corretagem de Seguros SA, formerly FPC Par Corretora de Seguros SA, is a Brazil-based company engaged in the insurance brokerage activities. The Companyâs product portfolio is divided into two areas: products for individuals and corporate products. Within the personal insurance area, it primarily provides life, dental, car and property insurance, among others. The corporate area includes health, dental, life, fleet and equipment, as well as property and casualty insurance, among others. The Company provides also insurance-related consulting services. Furthermore, it cooperates with a number of entities, such as Caixa bank, Caixa Seguros group and Federacao Nacional das Associacoes do Pessoal da Caixa Economica Federal (Fenae).
Wiz Soluções e Corretagem de Seguros S.A. completed the acquisition of 40% stake in CMG Corretora de Seguros from CBfácil Corretora de Seguros e Negócios Ltda.
WIZ CO PARTICIPAÇÕES E CORRETAGEM DE SEGUROS S.A. 
