Generali, which is acquiring Liberty Seguros from Liberty Mutual for €2.3 billion in cash, has secured approval from the European Commission under the European Union merger regulation.
In a news bulletin, the Commission said: “The transaction relates primarily to the non-life insurance sector in Portugal, where the activities of Liberty Seguros and Generali overlap.
“The Commission concluded that the notified transaction would not raise competition concerns, given the limited impact on competition in the markets where the companies are active and the fact that the companies will continue to face competition from several strong rivals.”
First announced last June, the deal is poised to deliver “attractive financial benefits” for Generali.
At the time, the Italian insurer noted: “As a result of this transaction, Generali will reach fourth position in the Spanish P&C (property and casualty) market, while consolidating its position in Portugal at number two.
“Generali will also enter Ireland with a top 10 market share positioning – an appealing opportunity to further expand the group’s European footprint in a profitable and attractive market.”
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