BICECORP SA and Forestal O'Higgins SA acquired a controlling stake of approximately 90.3% in Grupo Security SA for USD 3.13 billion, consolidating their position in the Chilean financial services market.

Information on the Target

BICECORP SA and Forestal O'Higgins SA successfully completed a public tender offer for Grupo Security SA in March 2025, acquiring a controlling stake in the Chilean financial services conglomerate. Launched on January 28, 2025, the tender offer resulted in the purchase of approximately 90.3% of Grupo Security's total outstanding shares for USD 3.13 billion. BICECORP, linked to the Matte family, acquired 72.3% of the shares, while Forestal O'Higgins secured 18.1%. Grupo Security is renowned for its diverse operations, including banking, insurance, asset management, and other financial services.

This acquisition enhances BICECORP's presence in the Chilean financial sector by expanding its banking operations and potentially increasing its market share and customer base. With subsidiaries involved in various financial sectors, BICECORP aims to consolidate its footprint and possibly diversify its offerings through this strategic investment.

Industry Overview in Chile

The Chilean economy is heavily influenced by its strong financial services sector, which includes banking, asset management, and insurance. The country's capital markets are robust, with significant participatio