It was at the end of April 2019 that Cardiff-headquartered Admiral Group Plc revealed its plan to form a Spanish joint venture with private equity investor Oakley Capital and insurance company MAPFRE S.A. The JV deal, however, will no longer become a reality.
Admiral has mutually agreed with the other parties to terminate the proposed agreement to create a holding entity that would have combined digital insurance brokers Acierto – which consists of Asesor Seguros Online S.L. and Asesor Consumer Services S.L. – and Rastreator Comparador Correduría de Seguros S.L.
“The decision is due to challenges in completing the transaction within a reasonable timeframe, predominantly relating to antitrust complexity,” stated the Welsh group in its disclosure.
In a separate announcement, Oakley Capital confirmed that the JV partners have decided not to proceed given the circumstances.
