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Assicurazioni Generali SpA Announces New Agreement to Sell Its Entire Stake in Migdal Insurance and Financial Holdings Ltd to Eliahu Insurance Company Ltd

Thursday, 6 Sep 2012 01:51am EDT 

Assicurazioni Generali SpA (Generali) announced that it has reached a new agreement to sell its entire 69.13% stake in Migdal Insurance and Financial Holdings Ltd to Eliahu Insurance Company Ltd by the end of October 2012 at a transaction price of EUR 705 million with an implied premium of approximately 23% compared with the share price as of September 5, 2012 on the Tel Aviv stock exchange and a 17.1x multiple of 2011 Migdal’s consolidated net income. The sale will have a positive impact of 2.2 percentage points on the Generali Group’s Solvency I ratio. The new deal provides for the payment to Generali of EUR 125.25 million as a break-up fee that will be withheld definitively if the transaction is not completed, for any reason not attributable to Generali, by the end of October 2012. The transaction is subject to the approval of the relevant Israeli authorities. The previous agreement announced on March 7, 2012 has not been finalized as Eliahu Insurance Company did not obtain all the required authorizations to which the agreement was subject. 

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