Bicecorp S.A. (SNSE:BICECORP) entered into a Memorandum of Understanding to acquire Grupo Security S.A. (SNSE:SECURITY) for approximately CLP 840 billion on January 24, 2024. Bicecorp signed an agreement to acquire Grupo Security S.A. on April 11, 2024. Grupo Security shareholders, representing 65.23% of issued voting shares, signed a Memorandum of Understanding with Bicecorp. The equity exchange ratio of the merger agreed upon by the Parties considers that Bicecorp S.A. equity is valued at 60% and Grupo Security S.A. equity in 40% of the consolidated business. The Price of the sale and exchange of shares in the tender offer will be: (i) CLP 285 per Share, for 20% of the Shares accepted to be transferred in the tender offer, in cash. ; and (ii) for the remaining 80% of the Shares accepted to be transferred in the tender offer, Bicecorp S.A. will exchange one first-issue payment share of Bicecorp S.A. The Takeover Bid success will be subject on its pure and simple acceptance by a minimum of 62% of the Shares with voting rights issued by Grupo Security S.A. The Transaction is subject to the approval of the Financial Market Commission (CMF) and the National Economic Prosecutor?s Office. The next stages of the deal involve negotiating and signing the final legal agreements between Grupo Security, BICECORP and Forestal O?Higgins shareholders; reciprocal confirmatory due diligence; and the relevant regulatory approvals. The deal is expected to be finalized in the second half of this year. As of April 1, 2024, the parties announced through an essential fact in the Financial Market Commission (CMF) that the deadline to reach an agreement between Bicecorp and Grupo Security will be extended to April 10.

The financial advisors for this negotiation were J.P. Morgan for Grupo Security and Goldman Sachs for Grupo Matte. The legal advisors were Barros & Errázuriz Abogados and Alcaíno Abogados, respectively.