Generali Agrees to Sale of Turkish Business
By Cristina Gallardo
Assicurazioni Generali agreed to sell its 99.9% stake in its Turkish business to four buyers as part of a strategy to focus on its main markets.
The Italian insurance group said Tuesday that it would sell Generali Sigorta to Arex Yatirim Holding, Kiler Holding, Ekol Girisim Sermayesi Yatirim Ortakligi and Arex Sigorta. Of these, Arex Yatirim Holding will acquire the biggest stake of 48%.
The transaction, which is subject to approval from authorities, is expected to be completed by the first half of 2025, Generali said.
The company didn't disclose a value for the deal, but said it is part of its strategic plan to boost the group's earnings profile and focus on insurance.
The sale will have an immaterial impact on Generali's Solvency II position, it added.
Write to Cristina Gallardo at cristina.gallardo@wsj.com
(END) Dow Jones Newswires
September 17, 2024 12:21 ET (16:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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