Criteria Buys into North America Via Mexico

This week’s purchase of a 20% stake in Mexico’s Grupo Financiero Inbursa by Barcelona-based investment group Criteria CaixaCorp is more a play on North America than the start of a LatAm push, according to a spokeswoman at the acquirer. The Spanish group is focusing its expansion strategy on Central Europe, Asia, and North America which it sees including Mexico through its membership of the NAFTA. Criteria will issue new shares in a capital increase and launch a public bid for GFInbursa shares at MXP38.5 per share for a total investment close to EUR1.5bn, it says. The investment will be financed with bank debt, Criteria says. The transaction is subject to the ratification of the board and shareholders of GFInbursa, as well as Mexican and Spanish regulators, but expected to close in November. Mexican billionaire Carlos Slim and family will maintain majority ownership of Inbursa, says Criteria.