Generali has reached an agreement to sell its 99.99% stake in its Turkish business, Generali Sigorta A.Ş., in a deal struck with four buyers in Turkey.
Kiler Holding A.Ş. is buying a 42% stake in Generali Sigorta; Ekol Girişim Sermayesi Yatırım Ortaklığı A.Ş. is taking a 9% stake in the company; Arex Yatırım Holding A.Ş. is buying a 48% stake, and Arex Sigorta A.Ş. is buying a 1% stake.
Generali said the transaction is fully in line with its strategic plan to drive sustainable growth and enhance the group’s earnings profile, focusing on the core insurance markets in which the company has a leading presence.
The contribution of the Turkish business to the group’s operating result was negligible and the transaction will generate an immaterial impact on Generali’s Solvency II position, Generali said.
The transaction is expected to be completed by the first half of 2025, subject to obtaining the necessary authorizations from the competent authorities.
PwC acted as sole M&A adviser to Generali and also provided vendor due diligence services to the group. Esin Attorney Partnership acted as legal adviser to Generali.
Source: Generali
Was this article valuable?
Here are more articles you may enjoy.
The most important insurance news,in your inbox every business day.
Get the insurance industry’s trusted newsletter
