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LJUBLJANA (Slovenia), May 23 (SeeNews) - Slovenia's financial group KD Group said on Wednesday it has sold a 100% stake in insurance company Adriatic Slovenica to Generali CEE Holding, part of Italy's Generali Group, for 245 million euro ($286.8 million).
The deal is expected to be completed in the second half of 2018, after the fulfillment of several conditions including the acquisition of appropriate regulatory approvals, KD Group said in a Ljubljana bourse filing.
The sales contract must also first be approved by the shareholders of KD Group.
In a separate statement, Generali said it sees the CEE market as a target for further strategic growth and investment.
The acquisition also includes a mutual fund manager KD Skladi with over 750 million euro of assets under management, that ranks 3rd in Slovenia with a market share of 20% and also has a presence in Croatia and Macedonia through its subsidiaries, it said.
The Adriatic Slovenica insurance company provides a full suite of P&C, health, life and pension products. It boasts over 1.7 million insurance contracts and 500,000 customers.
Generali has been operating in Slovenia since 1997.