Large Italian insurer Generali has agreed to sell its Turkish operation as part of its “Lifetime Partner 24: Driving Growth” strategic plan, with Kiler Holding A.Ş. and Arex Yatırım Holding A.Ş. taking a 42% and 48% stake of the business, respectively.
The sale of Generali’s 99.99% stake in Generali Sigorta A.Ş. is expected to be completed by the first half of next year but remains subject to necessary authorisations from the competent authorities.
Kiler Holding and Arex Yatırım Holding are acquiring the largest stakes in the business, with Ekol Girişim Sermayesi Yatırım Ortaklığı A.Ş. acquiring a 9% stake, and Arex Sigorta A.Ş. a 1% stake.
Generali states that the contribution of the Turkish operation to the Group’s operating performance was negligible, and that it expects the sale to result in an immaterial impact on its Solvency II position.
The insurer’s latest strategic plan targets sustainable growth as the carrier works to enhance the Group’s earnings profile, focusing on the insurance markets in which Generali has a leading presence.
For this transaction, PwC acted as sole M&A advisor to Generali and also provided vendor due diligence services, while Esin Attorney Partnership acted as the firm’s legal advisor.
