Generali: to buy AXA's insurance operations in Greece

(CercleFinance.com) - AXA announces that it has reached an agreement with its Italian peer Generali to sell its life, savings and property and casualty insurance businesses in Greece for a total cash consideration of 165 million euros, representing an implied FY 2019 P/E multiple of 12.
2x.

This transaction is part of the group's simplification strategy. Its completion is subject to customary conditions, including regulatory approvals, and is expected to take place at the end of the second quarter of 2021.

However, the market doesn't seem to bat an eyelid to this deal - for either company - in morning trading on the last day of the year the Generali share is down almost 0.4%, while AXA is down about 0.7%...



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