Brazilian retailer Magazine Luiza said Thursday it has entered into a new agreement with Luizaseg and insurance company Cardif to launch new products and maintain their partnership by offering insurance to customers through December 2033.
Luiza magazine said it will receive a net amount of 850 million reais under the terms of the agreement, as well as monthly commissions and additional payments if certain goals are met.
The company added in a document to the Comissão de Valores Mobiliários (CVM) that it also agreed to sell its stake in the Luizaseg insurance company to the Cardif-controlled company NCVP for 160 million reais, which would bring the total deal value to 1 .01 billion real.
Source: Terra
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