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Assiteca to pick up CDM
Posted on Thursday, 16 February 2017 15:04
Assiteca has inked an agreement to acquire Italian insurance broker CDM Insurance Brokers from Federico Cangemi for EUR 1.50 million to be settled across three different tranches.
The deal is expected to close by the end of March 2017, subject to a number of conditions, including completion of due diligence.
Italian brokerage and auditing services provider Integrae SIM has been hired to advise the buyer, which is also known as Assiteca Internazionaled di Brokeraggio Assicurativo, on the transaction.
No further details of the acquisition were disclosed.
Genoa-based CDM operates across freight transport, ships and containers, port terminal, car fleets, credit and deposits, property and employee benefit industries.
Milan-headquartered Assiteca claims to be the country’s largest independent insurance broker, with offices in Italy and Spain.
The company, which was founded in 1982, offers its service to clients in the technical, transport, hail and agricultural, renewable energy and credit insurance sectors, among others.
Assiteca is listed on Aim Italia under the ticker symbol ASSI and its shares closed at EUR 1.67 yesterday, valuing the firm at roughly EUR 54.56 million.
The business completed its initial public offering in 2015, raising around EUR 7.48 million in the process through the issue of 4.04 million stocks.
In 2016, Assiteca purchased Turin-based Assiteca Broker Di Assicurazioni from Manuli Packaging for EUR 85.00 million.
The group also acquired Italian cover firm Lertora Flli & Courtman Insurance Brokers for about EUR 4.82 million a few months later.
According to Zephyr, the M&A database published by Bureau van Dijk, there were five deals targeting Italian insurance agencies and brokerages announced worldwide in 2016, with Assiteca’s purchase of Assiteca Broker Di Assicurazioni being the largest.
Other targets include Assiteca & Co, Bamado Servizi Assicurativi and Wholesale Binding Authorities.
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