mARCH 2012 www.lawyer-monthly.com DEAL REPORT ACE GROUP ACQUIRES RíO GUAYAS 

COMPAñíA DE SEGUROS The ACE Group has acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador that was owned by Banco de Guayaquil, for approximately US$55 million in cash. Founded in 1993 and currently the fourth-largest non-life insurer in the country, Rio Guayas

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sells a range of insurance products, including motor, property, life, cargo, accident and health, casualty, marine and aviation, primarily through independent brokers and agencies and Banco de Guayaquil's branches. "Rio Guayas is very complementary to ACE's existing business in Ecuador and will

expand our capabilities considerably in terms of geography, products and distribution," said Jorge Luis Cazar, Regional President of ACE's Latin American operations. "The addition of Rio Guayas will offer enhanced access to small and middle-market businesses and individual consumers, will double our premium volume in Ecuador and will position ACE as one of the country's top general insurers."

Arroba, LLm. The firm conducted due diligence, issued a due diligence report, advised in the preparation of the Share Purchase Agreement, Antitrust issues, and advised in typical issues for these types of transactions such as labour law, tax law, and general regulatory and licensing matters, including financial an insurance regulations and governmental regulatory approvals. LM

The acquisition will be accretive to ACE's earnings and book value per share. Coronel & Pérez Abogados advised the Buyer in this transaction, led by Daniel Pino

Daniel Pino Arroba, LLM Coronel & Pérez, Abogados Av. 9 de Octubre No. 100 y Malecón Simón Bolívar Edificio La Previsora, Of. 2401 Tel. +593-4-2519900 Email: dpino@coronelyperez.com Website: www.coronelyperez.com

DEAL REPORT

SABER PAPERS RECEIVES FINANCING FROM STATE BANK OF PATIALA-LED CONSORTIUM TO ESTABLISH PAPER MAN- UFACTURING UNIT

Sud along with Senior Associates Amitesh Bhattacharya and Sujeet Das and Associates Jayant Gupta and Henna Vadhera and Saber Papers was advised by its in-house team. When asked about the complexities that the deal raised, mr, Sud said: “Given that

A State Bank of Patiala led consortium of six banks has funded Rs. 223.33 crore ($45 million) for the establishment of a Kraft paper manufacturing unit for Saber Papers Ltd with a capacity of 463 tonnes per day at Ludhiana, Punjab. The total project cost is Rs. 343.59 crore. kS Partners advised the consortium (lenders) with a team led by Partner Tanuj

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the financing was taken on the strength of the balance sheet of the Company (as opposed to adopting an SPV structure), which had other projects under implementation and operation, structuring the security sharing arrangements among various financiers, streamlining the applicability of financial covenants and arriving at a tenable/suitable inter-credtior contractual framework were few of challenges involved in this transaction.” LM

Tanuj Sud - Partner D – 41, Defence Colony, New Delhi – 110024, India;

Tel: +91-1 1-41552824/25 Mob: +91 9811141682 +91-1 1 -32944972 Fax: +91 11 41510266

Email: tanuj.sud@kspartners.co.in Website: www.kspartners.co.in

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Legal Transactions 103

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