ZURICH/MADRID (Reuters) – Swiss insurer Helvetia <HELN.S> has agreed to buy up to 70% of Spanish insurer Caser for 780 actor euros (£657 million) from Spanish banks and from French insurer Covea as it seeks to aggrandize above Switzerland, it said on Friday.
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Helvetia has accomplished an acceding with assorted shareholders to buy their disinterestedness and added shareholders accept an advantage to advertise their shares to the abutting on the aforementioned conditions, which is accepted to accord the insurer 70% of Caser.
Holders of the actual 30% will accept cardinal accent as administration partners, Helvetia said.
Spanish banks Bankia <BKIA.MC>, Liberbank <LBK.MC> and Ibercaja additionally said in abstracted statements they had agreed to advertise appropriately 15%, 2.23%, and 4.45% in Caser for 166 actor euros, 25.7 actor euros and 51 actor euros.
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The accord ethics Caser at 1.1 billion euros in total.
French insurer Covea will additionally bankrupt its 20% stake, sources abutting to the operation, who beneath to be named, said.
Spanish lenders BBVA <BBVA.MC>, Caixabank <CABK.MC>, Abanca, Caixa Pollenca and Caixa Ontinyent additionally agreed to advertise boyhood stakes, one of the sources said.
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Ultimately, Unicaja <UNI.MC>, Liberbank and Ibercaja would accumulate about 10% in Caser each, the sources said.
Caser, which generated revenues of 1.639 billion euros in 2018, will anon accomplish a cogent accumulation contribution, the Swiss aggregation said.
Helvetia appear a 29.4% access in its after-effects afterwards tax to 289.7 actor Swiss francs ($299.43 million) for the aboriginal bisected of 2019. It letters full-year after-effects on March 4.
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The transaction is accepted to be bankrupt during the aboriginal bisected of the year afterwards Helvetia secures authoritative approvals.
(Reporting by Silke Koltrowitz, Jesus Aguado and Inti Landauro; Editing by Michael Shields, Jan Harvey and Barbara Lewis)
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