MILAN:
Assicurazioni Generali said on Tuesday it had agreed to buy rival Axa’s insurance assets in Malaysia to strengthen its presence in the Asian country.
Italy’s top insurer will buy the majority stakes that France’s Axa holds in two local joint-ventures with Malaysia’s Affin Bank, Generali said in a statement.
Generali will also ask Malaysian authorities permission to buy shares it doesn’t already own in the group’s local joint-venture, dubbed MPI Generali Insurans Berhad.
The total consideration for the combined deals is around 262 million euros ($312 million), Generali said.