Generali sells its stake in Agorà
08 October 2013 - 18:20 price sensitive
- Consideration based on a € 13 per share valuation of Save
Trieste – Today the Generali Group sold to a company wholly owned by Finanziaria Internazionale Holding S.p.A. (Finint), its entire stake of 33.49% of the share capital of Agorà Investimenti S.r.l. – the company controlling Save S.p.A. The deal was closed for a total gross consideration of approx. €60 million, reflecting a €13 per share valuation of Save. Allegro S.à r.l., the company managing the fund through which Generali held the Agorà stake, executed the sale.
The sale is part of Generali’s strategy to withdraw from non-core businesses and optimise capital allocation. The deal is expected to generate a positive return for Generali.
As part of the deal, the shareholders’ agreement between the Generali Group and Finint, related to the management of their stakes in Agorà and consequently in Marco Polo Holding S.r.l. (99.99% controlled by Agorà) and in Save S.p.A. (in which Marco Polo Holding S.r.l. holds a stake of 40.123%) has been terminated today, ahead of its expiration date of October 14, 2013.