Generali agrees to sell its 99.99% stake in the Turkish unit

Generali has reached an agreement to sell a 99.99% stake in its Turkish business, Generali Sigorta A.Ş., in a deal with four Turkish buyers.

Kiler Holding A.Ş. buys a 42% stake in Generali Sigorta; Ekol Girişim Sermayesi Yatırım Ortaklığı A.Ş. owns a 9% share in the company; Arex Yatırım Holding A.Ş. buys a 48% stake, and Arex Sigorta A.Ş. buy a 1% pack.

Generali said the transaction is fully in line with its strategic plan to drive sustainable growth and improve the group’s earnings profile by focusing on core insurance markets where the company has a leading presence.

The contribution of the Turkey business to the group’s operating result was negligible and the transaction will generate an immaterial impact on Generali’s Solvency II position, Generali said.

The transaction is expected to be completed by the first half of 2025, subject to obtaining the necessary authorizations from the relevant authorities.

PwC acted as sole M&A advisor to Generali and also provided group supplier due diligence services. Esin Attorney Partnership acted as legal advisor to Generali.

Source: Generali