Exor Agrees to Sell PartnerRe to Covea for $9 Billion
March 03 2020 - 5:31PM
Dow Jones News
By Stephen Nakrosis
Exor on Tuesday said it entered a Memorandum of Understanding to
sell PartnerRe to French insurer Covea for $9 billion.
The deal is expected to close by the end of this year, subject
to closing conditions and the successful completion of required
consultations with workers' councils, Exor said.
In addition to a total cash consideration of $9 billion, Exor
said it will receive a $50 million cash dividend before
closing.
Exor said it acquired PartnerRe in 2016. Since then, PartnerRe's
operating performance enabled it to "pay Exor a total of $661
million in dividends and to grow its book value to common
shareholders by $510 million to $6.57 billion," Exor said, adding
"Including dividends received since 2016 the aggregate cash return
to Exor following completion of the proposed transaction will
amount to $3 billion."
Exor is a diversified family-controlled holding company.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
March 03, 2020 17:16 ET (22:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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