Colombia's Grupo Gilinski to become 2nd-largest shareholder in Grupo SURA, Nutresa | Reuters

Colombia's Grupo Gilinski to become 2nd-largest shareholder in Grupo SURA, Nutresa | Reuters

Colombia's Grupo Gilinski is to become the second-largest shareholder in Grupo SURA and Nutresa (NCH.CN) after securing 25.42% and 27.69% of each company's shares respectively, the Colombian Stock Exchange said in two separate statements on Wednesday.

Both investment company Grupo SURA and Nutresa, Colombia's largest processed food producer, fall under the umbrella of Colombian conglomerate Grupo Empresarial Antioqueno (GEA), which controls more than 100 companies, including industrial conglomerate Grupo Argos, energy generator Celsia (CSA.CN) and bank Bancolombia (BIC.CN).

Many of the companies that make up GEA own significant stakes in one another.

Grupo Gilinski, via JGDB Holding SAS and with the financial backing of First Bank of Abu Dhabi, initially sought to buy between 25.344% and 31.68% of Grupo SURA's shares.

Grupo Gilinski, which offered $8.01 per Grupo SURA share, snatched up 118.9 million shares out of a total 467.9 million available shares in the acquisition, which closed on Tuesday, in a transaction that could exceed $952.5 million.