Generali to Sell Generali Leben to Viridium Gruppe
05 Juli 2018 - 8:51AM
Dow Jones News
By Anthony Shevlin
Assicurazioni Generali SpA (G.MI) said Thursday that it has
agreed to sell 89.9% of Generali Leben in Germany to Viridium
Gruppe, which itself is owned by London-based private-equity firm
Cinven Group Ltd. and Hannover Rueck SE (HNR1.XE).
The Italian company said the transaction valued Generali Leben
at up to 1 billion euros ($1.17 billion) and the total estimated
cash-in is up to approximately EUR1.9 billion.
The transaction includes EUR125 million as earn-out and Viridium
will reimburse EUR882 million of hybrid loans to the Generali
group, said Generali.
Generali expects the transaction to improve its return on risk
capital and lower its exposure to interest-rate risk.
The transaction will generate around EUR275 million at group
level, said Generali.
Generali will have the possibility to invest in a minority stake
in Viridium subject to the successful completion of due diligence,
it said.
The transaction is expected to be signed soon, Generali
said.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
July 05, 2018 02:36 ET (06:36 GMT)
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