Sale of AIG Panamanian operations to Grupo ASSA
Arias, Fábrega & Fábrega acted as counsel to Sullivan & Cromwell (New York) in the sale of American International Group Inc. (AIG) Panamanian operations (Seguros Panamá) to Panamanian insurer Grupo ASSA, for an undisclosed sum.
Under this share purchase agreement, Panamanian conglomerate Grupo ASSA, Panama’s second-largest insurer, will acquire 100 percent of AIG’s operations in Central America located in El Salvador, Guatemala, Honduras and Panama, as the insurer continues to sell assets to free up capital and to focus on the property-casualty, life and mortgage-insurance businesses.
A total of five different jurisdictions, including USA, were involved in a coordinated effort to sell the shares of AIG Central America-wide operations, which included, inter alia, establishing the most efficient regulatory approval process, and terminating or transferring the parent company's contractual relationship vis-a-vis the acquired subsidiaries.
ARIFA’s M&A legal experts led the multidisciplinary team comprised of lawyers in the commercial transactions; IP; government permits and administrative matters; international business transactions; commercial and labor litigation practice areas.