Catalana Occidente has executed the agreement for the acquisition of Grupo Mémora, leader in the funeral sector in the Iberian Peninsula, for €401.3 million.
The transaction was completed after obtaining the necessary authorisations from the market and competition authorities in Spain and Portugal.
Last July, Catalana Occidente reached an agreement for the acquisition of the Mémora Group from the global investor Ontario Teachers´ Pension Plan Board (OTPP) and the Mémora management team.
With this deal, the insurance group increases its presence in the national funeral sector and enters the Portuguese market.
Mémora’s activities include funeral services, mortuaries, crematoria and cemetery management. It owns or manages 139 morgues, 39 crematoria, 18 cemeteries and employs approximately 1,500 professionals, through which about 50,000 annual services are provided.
Cuatrecasas advised Catalana Occidente with a team formed by partner Gerard Correig, senior associate Roger Freixes Portes and associate Pau Masana Preciado in Spain, together with a Portugal team comprising counsel Marta Pereira da Silva and senior associate Francisco Martins Caetano. The team also included lawyer Guido Adlaoui, partner Irene Moreno-Tapia, senior associate Cristina Vila, partner Manuel Follía, associate Laura Torrecilla and associate Pablo García García.
Linklaters advised OTPP with a team made up of partner Alejandro Meca, counsel Fredrik Lowhagen, managing associates Esteban de Santos Smith and José Alarcón Pariente, and lawyers Diana Martínez Cobaleda and José Luis Ruiz Alamillos.
Grupo Mémora was counselled by Garrigues, with a team including partner Sergio Sánchez Solé and senior associate Arturo Noguer Lloret.