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Assicurazioni Generali SpA Signs Agreement to Sell 100% in Fata Assicurazioni Danni SpA to Societa Cattolica di Assicurazione Sc


Wednesday, 20 Nov 2013 02:46pm EST 

Assicurazioni Generali SpA announced that it signed on November 20, 2013 an agreement with Societa Cattolica di Assicurazione Sc to sell 100% of the capital of Fata Assicurazioni Danni SpA for a total gross consideration of EUR 179 million. The transaction allows the Group to strengthen its liquidity and capital positions further. The Solvency I ratio improves by 0.6 percentage point. The consideration corresponds to an implied multiple of 15.5x on fiscal year 2012 earnings and 1.4x on fiscal year 2012 shareholders’ equity. The closing of the transaction is subject to the necessary regulatory approvals. The price of the deal is subject to a potential adjustment on the basis of certain changes in balance sheet items which might occur by the closing date expected in the first half of fiscal year 2014. KPMG Corporate Finance acted as financial advisor and Norton Rose Fulbright as legal advisor to Generali.