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General

Telefonica sells Spanish insurance business Antares for EUR 161 mln

Friday 9 November 2018 | 13:36 CET | News
Telefonica has announced a deal to sell 100 percent of its Spanish insurance company Antares to Grupo Catalana Occidente for a total of EUR 161 million, confirming earlier reports. In a statement to Spanish market regulator CNMV, the operator said the transaction is expected to generate capital gains of around EUR 90 million and a reduction in its net financial debt of close to EUR 30 million. Antares, regarded as a non-core business for Telefonica, offers health, life, accident and life savings insurance to more than 200,000 individuals in Spain.

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Categories: General
Companies: Antares / Telefonica
Countries: Spain
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