Polishop forms a joint venture with Wiz and enters the insurance market
Partnership of R$ 50 million aims to increase participation in retail; each company will have 50% of the business
THE Polishop will begin to offer security products as a result of the joint venture formed with the insurance broker Wiz (WIZS3). The partnership announced this Tuesday, 7th, involves the participation of 50% of the new business for each company.
The agreement provides for the payment by Wiz of BRL 50 million, of which BRL 20 million in cash and the remainder in three annual installments of BRL 10 million.
The value of the installments, however, will vary and may total R$ 51 million, if the stipulated targets are exceeded.
With the partnership, Wiz guarantees Polishop exclusivity for 10 years as a distribution channel for insurance products.
The board of the jointly created company will comprise a representative from Polishop, one from Wiz and an independent third party.
In a material fact released this morning, Wiz informed that the partnership is part of the strategy to expand operations in the retail segment.
“WIZ’s inorganic growth agenda is based on the identification of commercial partners that have channels with high customer traffic, relevance and context for the commercialization of security products, to be explored by the company’s know-how”, informed the company.