Spanish Criteria to buy 99.8% of Adeslas

Spanish investment holding company Criteria Caixa (MCE:CRI) said on Friday it has entered a final agreement to buy 99.8% of home life insurer Adeslas from water utility and services group Agbar (MCE:AGS) and French insurance firm Malakoff Mederic.

Criteria said in a filing with the national stock market regulator CNMV that it will pay more than EUR1.1bn (USD1.6bn) for the deal.

Unnamed sources said at the start of November that Criteria was studying the possibility to merge Adeslas and its insurer SegurCaixa Holding in the third quarter of 2010.

Country: Spain

Sector: Insurance

Target: Adeslas

Buyer: Criteria Caixa Corp

Vendor: Agbar SA; Malakoff Mederic

Deal size in USD: 1.6bn

Type: Corporate acquisition

Status: Agreed

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