Italy’s Generali sells Migdal Insurance and Financial Holdings to Eliahu
Italy’s Assicurazioni Generali has completed the sale of its 69.13% share in Migdal Insurance and Financial Holdings to Eliahu Insurance Company, one of the largest Israeli insurance companies.
“This sale fits within the re-focusing process of the Group and enables it to strengthen its overall liquidity position with a positive impact on the capital structure,” the firm said.
The transaction has already received all the authorisations required from the Israeli competent authorities, for a consideration of €705m.
The final price for the deal was discounted by about €130m compared to March 2012, when the previous offer failed because Eliahu wasn’t able to provide all required authorisations.
Generali is one of Europe’s largest insurance providers and assetg managers, with total premium income of almost €70bn in 2011.