Exor Signs $9 Billion Deal to Sell PartnerRe to Covea
16 Dezember 2021 - 06:28PM
Dow Jones News
By Ed Frankl
Exor NV has agreed to sell its reinsurance subsidiary PartnerRe
Ltd. to France's Covea in a $9 billion deal, the two companies said
Thursday.
Exor and Covea signed a definitive agreement expected to close
in mid-2022, based on a consolidated common shareholders' equity
value of $7 billion, the companies said in a statement.
Both companies had already reached a memorandum of understanding
on the deal in late October, after a similar deal from early 2020
fell apart during the economic uncertainty of the pandemic.
Following the closing of the deal, Exor and Covéa said they
will continue their reinsurance and investment cooperation,
including through Exor's acquisition from Covéa of interests in
special-purpose reinsurance vehicles managed by PartnerRe for
approximately $725 million.
"This transaction with Covéa will reinforce PartnerRe's
development as a great company in its industry thanks to a
significant increase in the scale and capital strength that
membership of a larger financial institution will bring, and the
value that it represents for its clients," the companies said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
December 16, 2021 12:13 ET (17:13 GMT)
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