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Slovenia's KD Group sells insurer Adriatic Slovenica to Generali for 245 mln euro

Slovenia's KD Group sells insurer Adriatic Slovenica to Generali for 245 mln euro Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

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. 

($=0.8542 euro)

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