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Brazil's Magalu inks $200 mln deal with Cardif over insurance business

Reuters
Updated ·1 min read

SAO PAULO, May 11 (Reuters) - Brazilian retailer Magazine Luiza SA said on Thursday it has entered into a new agreement with Luizaseg and insurer Cardif to launch new products and maintain their partnership offering insurance to clients through December 2033.

Magazine Luiza, popularly known as Magalu, said it would receive a net 850 million reais ($169.89 million) under the terms of the deal, in addition to monthly commissions and additional payments if certain targets are met.

The company added in a securities filing it had also agreed to sell its stake in insurance business Luizaseg to Cardif-controlled firm NCVP for 160 million reais, which would take the total amount of the deal to 1.01 billion reais. ($1 = 5.0033 reais) (Reporting by Gabriel Araujo; Editing by Steven Grattan)