Generali Strengthens Activities in Malaysia
22 Juni 2021 - 8:17AM
Dow Jones News
By Kim Richters
Assicurazioni Generali SpA said Tuesday that it has agreed to
buy AXA SA's insurance operations in Malaysia, as part of its
strategy to strengthen its position in high-potential markets.
The Italian insurer said it would take over a 70% stake in AXA
Affin Life Insurance--49% from AXA and 21% from Affin Bank Berhad.
It would also buy a stake of around 53% in AXA Affin General
Insurance--49.99% from AXA and 3% from Affin and other minority
shareholders.
In a separate release, AXA said it would receive total cash
proceeds of around 140 million euros ($166.9 million) for its
stakes in the companies, expecting the deal to close by the second
quarter of next year.
Generali said it also plans to acquire the remaining stake in
its Malaysian joint venture MPI Generali Insurans Berhad, which it
shares with local partner MPHB Capital Berhad and currently owns
owns 49%. It wants to merge it with AXA Affin General
Insurance.
Generali said it expects to spend around EUR262 million for all
of the transactions.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
June 22, 2021 02:02 ET (06:02 GMT)
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