Generali Agrees to Sell Wealth, Services Units for $476 Million
Generali Agrees to Sell Wealth, Services Units for $476 Million
(Bloomberg) -- Assicurazioni Generali SpA agreed to sell wealth-management and service units in Ireland and Guernsey for 409 million euros ($476 million), pushing the Italian insurer above its target for international disposals.
The Generali Worldwide and Generali Link businesses will be purchased by London-based Life Company Consolidation Group. An additional 10 million euros may be paid on the deal’s completion, the Trieste-based insurer said in a statement on Thursday.
The transaction will increase the amount raised by Generali from divestments to about 1.5 billion euros, according to the statement. That’s ahead of its target of 1 billion euros.
Generali Worldwide, a Guernsey-based provider of life insurance-based wealth management, contributed about 35 million euros to the group’s operating result last year, according to the statement. Generali Link, based in Ireland, is a shared-service provider focused on fund and policy information.
Nomura International Plc advised Generali, while Ashurst LLP was lead counsel and Ogier (Guernsey) LLP acted as local counsel.
To contact the reporter on this story: Ross Larsen in Rome at rlarsen2@bloomberg.net
To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Andrew Blackman
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