THE Wiz (WIZS3) informed that this Tuesday (16) the conditions precedent for the closing of the operation with the polishop.
The agreement envisages the creation of a joint venture with the retail group, in which Wiz will sell insurance products through Polishop’s distribution channels exclusively for a period of 10 years.
With the closing of the transaction, Wiz becomes the holder of 50% of the shares of the capital stock of the new insurance broker, Polishop Insurance.
According to Wiz, the agreement is strategic and is in line with the company’s growth vision in the context of “expansion and diversification of results in its operations, in particular, for starting Wiz’s operations in the retail segment”.
Polishop Seguros’ board of directors will be composed of three members, one of which will be appointed by Wiz, another will be appointed by Polishop and the third will be independent, appointed by mutual agreement between the two companies.
In an interview for the Money Timesthe CEO of Wiz, Heverton Peixoto, stated that two factors explain the company’s decision to operate in the retail industry: the interest of retailers in becoming more profitable and the need of players in the sector to offer an increasingly complete offer.
“When you combine these two factors – retailers’ interest in increasing their profitability and looking for opportunities at a challenging time with the fact that they need to complement their offering – Wiz comes as an ideal solution”, said the executive.
Also check out Peixoto’s participation on the board TurnAround of Money Times:
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Source: Moneytimes
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