Admiral Group Plc announces agreement to purchase Acierto, a digital insurance broker in Spain, in partnership with Oakley Ca...
01 May 2019 - 1:34AM
30 April
2019
Admiral Group plc
announces agreement to purchase Acierto, a digital insurance broker
in Spain, in partnership with Oakley Capital
Admiral Group plc ("the Group") announces that it
has agreed to form a joint venture with Oakley Capital and MAPFRE
S.A. ("MAPFRE") to combine Rastreator Comparador Correduría de
Seguros S.L. ("Rastreator") with Asesor Seguros Online S.L. and
Asesor Consumer Services S.L. (together "Acierto") two of Spain's
most regarded digital brokers for insurance and other financial
products.
Rastreator is the Group's digital insurance broker
in Spain. Acierto is a digital insurance broker in Spain that
provides the full completion of the sales process for customers,
enabling consumers to compare prices from over 30 insurance
providers. Oakley Capital is a private equity investor with a
successful track record investing in digital brokers in Italy and
Germany.
Under the terms of the transaction, a joint
venture company will be established as holding company of both
Rastreator and Acierto. Admiral and MAPFRE will collectively retain
majority ownership of the joint venture company while Oakley
Capital will hold a minority stake alongside management.
Completion of the transaction is
subject to merger control clearance by the EU Commission as well as
the approval of the Spanish Insurance Regulator (Dirección General
de Seguros y Fondos de Pensiones).
David Stevens, Group CEO, commented:
"We are pleased to announce this
transaction and partnership with Oakley Capital, which will
strengthen the Group's insurance proposition in Spain as a digital
insurance broker. The holding of both Rastreator and Acierto allows
us to take advantage of synergies to enhance the customer
experience, which will benefit customers across Spain."
The Group was advised by Clifford
Chance, Fenchurch Advisory Partners and KPMG in connection with the
transaction.
For more information, please
contact:
Admiral Group plc
Marisja
Kocznur
Investors & Analysts +44 (0) 29 2060 2034
James Carnduff
Media +44 (0) 29 2043 4232
FTI
Consulting
Edward Berry
+44 (0) 20 3727 1046
Tom Blackwell
+44 (0) 20 3727 1051
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Admiral Group PLC via Globenewswire
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