Completed sale of Migdal
29 October 2012 - 17:00
Generali, completed sale of Migdal to Eliahu Insurance Company for €705 mln
Trieste – Generali announces that today it has completed the sale of its 69.13% share in Migdal Insurance and Financial Holdings to Eliahu Insurance Company Ltd. The transaction, which has received all the authorisations required from the Israeli competent authorities, took place in accordance with the terms of the contract announced to the market on 6th September 2012 for a consideration of €705 million, with a negligible impact after tax on P&L.
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.