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.
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