Administradora de Fondos de Pensiones Habitat S.A. (SNSE:HABITAT) signed a purchase agreement to acquire Colfondos S.A. Pensiones y Cesantias from The Bank of Nova Scotia (TSX:BNS) and Mercantil Colpatria S.A., for approximately COP 590 billion on August 9, 2019. Pursuant to the terms of the agreement, Administradora de Fondos de Pensiones Habitat S.A. is acquiring 51% stake in Colfondos S.A. Pensiones y Cesantias from The Bank of Nova Scotia, whereas the remaining 49% stake is being acquired from Mercantil Colpatria S.A. The transaction is still subject to approval from Columbian regulators. As of August 10, 2019, Inversiones La Construccion and Prudential Financial, controllers of 80% in the open pension fund Administradora de Fondos de Pensiones Habitat, have approved the purchase of 100% in the Colombian pension fund Colfondos.

The transaction is expected to close in fiscal 2020. As of December 13, 2019, The Bank of Nova Scotia has completed the sale of its 51% stake in Colfondos S.A. Pensiones y Cesantias. JPMorgan Chase & Co.

(NYSE:JPM) acted as financial advisor, David Grosgold, Judith Church, Gary Friedman, Meir Katz and Erich Grosz of Debevoise & Plimpton LLP and Darío Laguado Giraldo of Brigard Urrutia acted as legal advisors to Administradora de Fondos de Pensiones Habitat. Oscar Tutasaura and Juan Guillermo Ruiz of Posse Herrera Ruiz, and (Ricco) A.S. Bhasin and Andrew Silverman of Torys LLP acted as legal advisors for The Bank of Nova Scotia. David Williams and Rob Holo of Simpson Thacher & Bartlett LLP acted as legal advisors to Mercantil Colpatria S.A.