Generali to Acquire AXA's Greek Operations for EUR165 Million
By Cecilia Butini
Assicurazioni Generali SpA said Thursday that it has signed an
agreement to acquire AXA SA's Greek subsidiary AXA Insurance SA,
also known as AXA Greece, for a consideration of 165 million euros
The Italian insurance giant also said that it has renegotiated a
distribution agreement in place between AXA Greece and Alpha Bank
which was set to expire in March 2027. It is now extended for 20
years from the closing of the acquisition, Generali said. That
entails future payments from Greek Generali companies to Alpha
bank, the amount of which will depend on the performance of the
partnership, according to the insurer.
AXA said in a separate statement that the agreement will center
around its Life&Savings and Property&Casualty businesses in
Greece. It added that the transaction is expected to be finalized
by the end of the second quarter of 2021.
Write to Cecilia Butini at email@example.com
(END) Dow Jones Newswires
December 31, 2020 02:30 ET (07:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.