MILAN (Reuters) - Italian insurer Generali (>> Assicurazioni Generali SpA) said on Tuesday it has sold its indirect stake in Venice airport operator Save (>> SAVE SpA) for 60 million euros (51 million pounds), the equivalent of 13 euros a share, as part of its efforts to sell off non-core business interests.
"The deal was closed for a total gross consideration of approximately 60 million euros, reflecting a 13 euros per share valuation of Save," Generali said in a statement.
Save's share price closed at 12.20 euros on Tuesday.
Generali sold the indirect stake to a company wholly owned by Finanziaria Internazionale Holding (Finint).
Finint in turn sold the stake to Star Holdings, a company owned by Morgan Stanley Infrastructure Partners Fund (>> Manning and Napier Inc).
(Reporting by Jennifer Clark; Editing by Greg Mahlich; editing by Francesca Landini)