Acquisition of Non Life Insurance Company in Italy

Acquisition of Non Life Insurance Company in Italy

23 Feb 2022 10:43 CET

Photonike Capital announces that on 21-12-2021 it presented an Expression of Interest for the acquisition of 100% of the share capital of an insurance company active since 2007 in the non-Life sector in Italy. Following due diligence activities, on 28-01-2022 it presented a non-binding offer for the acquisition of 100% of the share capital of the company, subject to acceptance by the transferor, which is why the transaction was not communicated market. Yesterday 22-02-2022, Photonike Capital Sa received formal acceptance to continue the negotiation and to present the final binding offer by 29 April 2022. The acquisition, in the event that it goes through, will be made without the aid of third parties funds or resources and allows the company to be immediately active in Italy and Europe. The acquisition must be authorized by the competent Italian supervisory authorities (IVASS). Following the expression of interest, there were no changes in the accreditation procedure at the NBB for the reinsurer license, which continues although adequate to the new consolidation hypotheses of the group. The company will provide further and detailed informations on the target company and on the status of the negotiation as soon as it is released from the confidentiality obligations imposed by the NDA signed with the transferring group.

Source

PHOTONIKE CAPITAL

Provider

Euronext