Life Company Consolidation Group (LCCG), the parent of Utmost Wealth Solutions, has closed the acquisition of Generali PanEurope (GPE), to create a €24bn wealth manager.
The transaction was first announced in December last year. LCCG will have to pay €230m as initial deal consideration and up to €10m as deferred consideration 12 months after deal closing. The deal will be valued at nearly €286m after Generali receives around €56m in settlement for inter-company financing arrangements.
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The deal integrates GPE’s wealth protection, investment planning and employee benefits business with Utmost’s international savings, protection and investment solutions offering.
GPE will now operate under the Utmost PanEurope name and adopt the Utmost Wealth Solutions branding.
LCCG group CEO Paul Thompson said: “We are very pleased to have completed the acquisition of Generali PanEurope now known as Utmost PanEurope. It is a highly complementary business to our existing Utmost Wealth Solutions business and demonstrates our commitment to the International life market.
“The combined business will be a formidable force in the European market for specialist cross border wealth management solutions. It also broadens our product offering in Ireland and across Europe to include Employee Benefits.”
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By GlobalData
