The deal between the two parties, which was reportedly hashed out in a luxury hotel in Spain during the San Isidro Festivities and finalized by May 24, will give Gilinski 87% of Grupo Nutresa, while seeing Grupo Sura and Grupo Argos relinquish any stock or control of the company to him and his partners.

In exchange, three companies owned by or working with Gilinski — JGDB Holding SAS, Nugil SAS, and IHC Capital Holding LLC — will sell any Grupo Sura shares they may have. The Financial Superintendency of Colombia authorized the suspension of the trading of these three companies’ stocks from May 25 to June 15 for the benefit of the investors in the three companies.

While the details of how the deal went down are still unclear as of press time, an unnamed source reportedly told local newspaper El Tiempo that former Colombian President Álvaro Uribe Vélez was involved in the discussions and even opened up his home in Rionegro to facilitate the discussions.

READ MORE: Former Bancolombia President in Speech to Gilinski: Stop this War!

The agreement, at least for now, provides a bookend to the years-long crusade that Gilinski has waged with GEA to take control of various companies, including lawsuits against each other and recent fights over Grupo Nutresa’s board of directors.

The fight has been seen as damaging to the reputation of both parties despite the market capitalization of the three companies rising, with Grupo Sura’s value jumping by some 95.4% since November 2021 and Group Nutresa spiking 165.9% during the same period.

Steffanía Mosquera, a market analyst from Credicorp Capital, has said that the deal will likely be good for all the parties involved. “[At] first glance, we believe that this transaction (or series of them) should be positive for the Colombian market in a context of low volumes,” she told El Tiempo. “We also see that the transactions could help simplify the structure of Grupo Argos and Grupo Sura, which could be seen as positive by investors.”

Four judicial officials were called by the Prosecutor’s Office on Tuesday for questioning due to the possible irregularities regarding the distribution of the civil lawsuits filed by Grupo Sura and Grupo Argos over the takeover process of Nutresa. The officials summoned to be questioned are Rafael Matos, Civil Judge 5 of the Oral Circuit of Medellín; the administrative assistants Mateo Flórez and Daniela Díaz; and the university professional Carlos Álvarez.

The Superior Court of Bogotá waded into the attempted takeover of Nutresa on Wednesday after it said that Nutresa’s recusal of the director of Corporate Jurisdiction I of the Superintendence of Companies, José Nicolás Mora, over his role in the takeover bid.

The Gilinski family already owns several businesses in Colombia

The attempt to disqualify Mora was due to his and his wife María Valentina Díaz’s link to the law firm Gómez Pinzón Abogados, which is the advisor of the International Holdings Company (IHC) in Colombia. The law firm had denied two members of Grupo Sura’s board of directors from participating in the analysis of the Nutresa takeover bid.

By Thursday, the Fifth Civil Judge of the Medellín Circuit also decided to allow Grupo Sura to keep the measure that stops the company’s legal representatives from executing orders or decisions that come from a board that has less than four members during the voting, likely a response from the Nutresa takeover attempt in November.

The Gilinski family has sued Nutresa after their attempted takeover bid for the company with IHC in November was not ratified in February due to there not being any quorum when only four members of the board decided to accept the bid that intended to sell shares to the company.

Gilinski’s attempts to take over Nutresa, Sura, and Argos has been going on for years in the apparent end goal of taking over the Grupo Empresarial Antioqueño (GEA). Gilinski’s companies and IHC has failed, however, to garner any significant majority in any of the three companies due to the refusal of the remaining investors to sell any of their shares to Gilinski.

Thus, Gilinski is now in the middle of a lawsuit battle with the remaining investors, one whose outcome for either side remains unclear in the future.