Generali and BTG Pactual reach an agreement ending the arbitration for the sale of BSI
11 June 2020 - 19:40 price sensitive
Milan – Generali announces that it reached an agreement with BTG Pactual ending the arbitration for the sale of BSI.
The arbitration started in 2016 following the completion of the sale of BSI by Generali Participations Netherlands to Banco BTG Pactual in September 2015 and concerned mutual claims and indemnification requests pursuant to the sale and purchase agreement.
The settlement agreement provides for the payment of CHF 245 million to BTG Pactual as indemnity and price adjustment, the termination of the arbitration and a waiver of the mutual claims and indemnification requests, without any admission of liability or wrongdoing.
The net impact on the Generali Group’s First Half 2020 results amounts to CHF 195 million, equivalent to about € 183 million1, after taking into account pre-existing provisions to cover legal costs.
1 Based on current EUR/CHF exchange rate.