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Intesa invests 360 million euros for full control of health insurance business

Published 02/03/2023, 10:57
Updated 02/03/2023, 11:27
© Reuters. FILE PHOTO: Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

MILAN (Reuters) - Italy's biggest bank Intesa Sanpaolo (BIT:ISP) on Thursday said it would spend 360 million euros ($382 million) in cash to buy the 26.2% of healthcare insurer Intesa (LON:0HBC) Sanpaolo RBM Salute it did does not own.

Intesa Sanpaolo Vita, the group's insurance arm, bought 50% plus one share of RBM from its owners, the Favaretto family's holding company, for 325 million euros back in 2020.

It injected more capital into the business at the end of 2021 via a new share issue in which the Favaretto family did not take part, seeing their stake reduced to 26.2%.

Intesa has moved to take full control of RBM ahead of two call options set in 2026 and 2029.

KPMG Corporate Finance and Pedersoli acted as financial and legal advisers, respectively.

© Reuters. FILE PHOTO: Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

The deal aims to develop Intesa Sanpaolo RBM Salute's business through growing synergies with the rest of the group, the bank said in a note.

($1 = 0.9413 euros)

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