Helvetia finalized the takeover of the Spanish insurer Caser, for which the St. Gallen group finally spent 800 million euros (851 million francs).
The amount is slightly higher than the ceiling of some 780 million euros initially announced.
Following this operation, the eastern Swiss insurer took control of Caser to the tune of 69.4% of the share capital, said a press release on Friday. The remaining 30% remains in the hands of ‘strategic partners in the field of banking distribution’.
The acquisition, the largest in Helvetia’s history, aims to develop non-life insurance activities and improve distribution in Spain. Helvetia and Caser together have more than 11,500 employees and more than seven million customers for a business volume of more than 10 billion francs, the statement said.
When this takeover was announced at the end of January, Helvetia was targeting an almost 70% stake in Caser, for a price of around 780 million euros. This week, the insurance group raised 600 million euros through the placement of a subordinated hybrid loan to finance the operation.
/ ATS
–
– .
