Assicurazioni Generali SpA (GASI.MI) Key Developments |
United States

Assicurazioni Generali SpA agrees sale of BSI to Banco BTG Pactual SA

Monday, 14 Jul 2014 03:32am EDT 

Assicurazioni Generali SpA:Generali’s Board approved an agreement for the sale of its entire holding in BSI to Banco BTG Pactual SA for a total consideration of 1.5 billion Swiss francs.The consideration is composed of an amount of 1.2 billion Swiss francs in cash and 300 million Swiss francs in BTG units listed on the Sao Paulo Stock Exchange.Says the sale of BSI is part of Generali’s strategy to focus on its core insurance business and improve its capital position.The transaction, which is subject to the usual regulatory approvals, is expected to be completed by the first half of 2015.Generali has been assisted on the transaction by J.P.Morgan and Mediobanca as financial advisors.