Poste launches takeover bid on Net Insurance
The board of directors of Poste Vitaa company wholly owned by Poste Italiane, has approved the promotion of an offer full voluntary takeover bid for cash on Net Insurance. The operation, according to a note, is aimed at acquiring control of Net Insurance and delisting the company. The offers will be promoted through a corporate vehicle (“BidCo”), at a price of € 9.50 per share (corresponding to a premium of 28% on the weighted average of the official daily prices of the Italian Stock Exchange of the last month) for an equivalent value of 200 million. Ibl Bank – current shareholder of Net Insurance with a holding equal to 26.64% of the share capital – and the CEO of Net Insurance Andrea Battista have undertaken specific commitments to adhere to the offers. Upon completion of the tender offer, Battista is expected to maintain a stake of approximately 2% of Net Insurance, and that Ibl acquires a participation equal to 40% of the share capital of BidCo.
Completion of the transaction is expected within the first half of 2023. Net Insurance, listed on Euronext, is an insurance company whose offer is dedicated to insurance coverage related to the world of credit and, in particular, loans backed by the assignment of one-fifth of the salary or pension, to protection (through non-life bancassurance / not auto and through a network of brokers) and partly to insurtech, thanks to agreements with technological partners. In 2021, Net Insurance reported gross premiums of 149 million euros (+ 33% average growth from 2019) and a normalized net profit of 11.5 million.
The transaction, it is stated, will allow Poste Vita, in line with the objectives defined in the industrial plan of the Poste Italiane group “2024 Sustain & Innovate”, to achieve significant growth in the non-life / protection insurance segment, through the acquisition of a controlling interest in a leading company in Italy in this market segment. From an industrial point of view, Poste Vita intends to identify Net Insurance as a “center of competence” of the insurance group for insurance products linked to the sale of the fifth, and a reference product manufacturer with regard to the distribution of insurance products on third-party networks.with particular reference to banking networks.
The transaction is also aimed at creating a long-term strategic and commercial partnership with Ibl, through the 40% stake that the same will acquire in BidCofurther strengthened by Ibl’s commercial commitments aimed at a substantial increase in insurance coverage relating to its loans purchased by Net Insurance.
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