Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited for approximately CNY 770 million.

Assicurazioni Generali S.p.A. (BIT:G) signed an agreement to acquire 51% stake in Generali China Insurance Company Ltd. from CNPC Capital Company Limited (SZSE:000617) for approximately CNY 770 million on January 10, 2024. Prior to the transaction, Assicurazioni Generali S.p.A. (BIT:G) held 49%. Upon completion, Generali will become the 100% shareholder of GCI and the first foreign player to acquire a controling stake of a P&C insurance company from a single state owned entity in Chinapurely via mandatory public auction process.

The completion of the transaction is subject to regulatory approvals. UBS (Italy) S.p.A acted as financial advisor and Fangda Partners acted as legal advisor to Assicurazioni Generali.