Swiss Helvetia Seals €800M Deal To Buy Spanish Insurer
Law360, London (June 26, 2020, 12:04 PM BST) -- Swiss insurer Helvetia said Friday it has concluded a deal to buy a majority share of a Spanish rival for approximately €800 million ($900 million) in a move to expand its presence in Europe as a "second pillar" of the group outside Switzerland.
The insurer said it has sealed the deal to acquire 69.4% of Spanish insurer Caser, in what the St. Gallen-based company said is its largest-ever acquisition and a "strategic milestone."
"With this acquisition, Helvetia is strengthening the European business, its second strong pillar alongside the Swiss home market," Philipp Gmür, group chief executive of Helvetia, said. "High investor...
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