(Finance) – UniCredit signed a share purchase agreement for the sale of its overall stake in CNP Assurances, equal to 49% of the share capital, held in CNP Vita Assicura (formerly Aviva), an Italian insurance company, for a price of 500 million of Euro.
UniCredit – reads a note – has also signed a second purchase agreement with CNP Assurances to increase its stake in CNP UniCredit Vita, i.e. from 38.8% to 45.3% of the share capital, for a price equal to to 70 million euros. CNP Assurances will keep a majority stake of 51% in CNP UniCredit Via and has made provisions aimed at keeping the investee company operationally autonomous.
The completion of the two transactions, approved by the UniCredit Board of Directors on July 26, 2022, is subject to authorization by the competent authorities. Closing of the transaction is expected by the end of the year.
The operations are expected to have a positive impact of around 10 basis points on capital and around € 200 million on net income based on the data for the first half of 2022.
The decision adopted by the Board of Directors is in line with the “UniCredit Unlocked” strategic plan aimed at simplifying the current structure of bancassurance activities and increasing strategic flexibility.
As announced in 2017, the partnership agreement in place between UniCredit and CNP Assurances regarding CNP UniCredit Vita SpA has a duration of seven years and, therefore, from the end of 2024 both parties will have strategic flexibility margins in relation to the respective holdings.