By Donato Paolo Mancini

Assicurazioni Generali SpA (G.MI) has agreed to enter a share-purchase agreement with Life Company Consolidation Group to sell Generali's entire shareholding in two of its subsidiaries, the company said Thursday.

Generali will sell its shares in Generali Worldwide Insurance Company Ltd. and Generali Link. The former contributed about 35 million euros ($41 million) to Generali's operating result last year and is based in Guernsey, where it offers life insurance-based wealth management. The latter is located in Ireland.

The move is part of the company's effort to optimize its geographical footprint, the company said.

Generali will receive EUR409 million in base consideration for the sale of its stakes. It may additionally receive up to EUR10 million of contingent consideration, to be paid at completion.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com

(END) Dow Jones Newswires

July 19, 2018 02:56 ET (06:56 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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