Paneuropean private equity firm Cinven signed an agreement to buy 100% of Old Mutual Wealth Italy (formerly known as Skandia Italia), through its portfolio company Ergo Italia, the Anglo-Southafrican insurance group announced last August 9th (see here the press release).
The transaction has been valued 278 million euros plus interest to completion. The transaction is subject to usual regulatory approvals and customary conditions and is expected to complete within six months.
Rothschild advised Old Mutual on the divestiture which is the final part of the divestment of Old Mutual Wealth’s continental European businesses allowing it to focus on its core UK and cross border markets.
The auction for Old Mutual Wealth Italy started last April (see here a previous post by BeBeez) and Ergo Italia entered in exclusive talks with Old Mutual at the end of July (see here a previous post by BeBeez).
