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Caser is expected to receive takeover offers by the end of this week: Reuters
Posted on Monday, 02 December 2019 12:41
Caser Seguros is preparing to receive final bids from strategic players by the end of this week, which could value the Spanish insurance company at EUR 1.20 billion, people with knowledge of the matter told Reuters.
According to these sources, the Madrid-headquartered group is looking for a long-term investor that is willing to purchase around 60.0 per cent of the business.
NN Group of the Netherlands, Belgium-based Ageas, Switzerland’s Helvetica and Spain’s Saint Lucia are among those reportedly interested in making final offers for Caser.
The potential target has hired Barclays and Nomura to run the auction, which is scheduled to complete by Christmas, the insiders noted.
France-based Covea, a backer of Caser, is teaming up with other shareholders Bankia, Caixabank and Abanca to find a new owner for the company.
Together, these businesses control about 36.4 per cent, with an additional 36.1 per cent owned by Liberbank, Unicaja and Ibercaja, which are all likely to retain some interest in the group.
Founded in 1942, Caser offers insurance across a wide range of sectors, including medical, health, life, car, home, dental and companies.
According to its website, it has more than 1,600 staff and 2.30 million customers.
Caser recorded premiums of EUR 1.50 billion in the financial year ended 31st December 2018, compared to EUR 1.58 billion in the previous 12-month period.
Total income declined 4.7 per cent to EUR 1.83 billion in FY 2018, from EUR 1.92 billion in FY 2017.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 26 deals targeting Spanish insurance carriers and related activities announced worldwide since the start of 2019.
In the largest of these, Banco Santander agreed to pick up the remaining 60.0 per cent it did not own in Allianz Popular for EUR 936.50 million.
Other targets included Santander Global Seguros Y Reaseguros, Elma Digital Networks and Europ Assistance Espana SA De Seguros Y Reaseguros.
© Zephus Ltd