World insurance coverage middleman Howden Group Holdings has agreed to amass a serious Italian insurance coverage dealer, Assiteca.
Howden plans to amass 86.965% of the excellent share capital of Assiteca S.p.A. held by Assiteca’s founder, Luciano Lucca, and Chaise S.p.A., an organization 100%-owned not directly by Tikehau Development Fairness fund.
Howden mentioned the entire value is the same as roughly Euro 208.7 million and values every share of the corporate at Euro 5.624. Howden mentioned it’s going to pay the entire value in money in a single fee at closing, which is anticipated to happen round Might 2022.
Assiteca is the biggest Italian-headquartered dealer with 750 workers working throughout 19 cities in Italy, in addition to operations in Spain and Switzerland, with a turnover of brokerage commissions of roughly Euro 90m, in line with the announcement
Howden Group is headquartered within the UK and has operations in 45 international locations throughout Europe, Asia Pacific, the Center East, Africa, the U.S. and Latin America. With 10,500 workers, £1.4bn in revenues and greater than $17bn premiums managed it is among the largest worldwide insurance coverage middleman teams on the planet.
Howden mentioned Assiteca is “extremely complementary” to Howden’s current broking enterprise in Italy and the “partnership will create a serious power” within the Italian broking market in addition to additional alternatives for all workers. The transaction will mix Assiteca’s regional and mid-market enterprise with Howden’s worldwide and bigger company accounts, specialty segments and reinsurance.
Europe, and Italy specifically, has been a spotlight for funding for Howden, with the latest completion of the acquisitions of Andrea Scagliarini S.p.A. in July 2021 and Tower S.p.A. in January 2022.
Upon completion of the transaction, varied members of Assiteca’s administration will retain key positions within the administration of the Assiteca’s. Particularly, Luciano Lucca will stay as chairman of the board of administrators, Gabriele Giacoma will stay as chief govt officer, and Nicola Girelli will stay as finance director.
The transaction will outcome within the delisting of Assiteca shares from the Euronext Development Milan market.
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