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BRIEF-Exor And Covéa Sign Memorandum Of Understanding For Sale Of PartnerRe For $9 Billion

reuters ·  Oct 28, 2021 13:42

Oct 28 (Reuters) - Exor NV EXOR.MI :

* EXOR AND COVÉA SIGN MEMORANDUM OF UNDERSTANDING FOR SALE OF PARTNERRE FOR $9 BILLION

* PREFERRED SHARES ISSUED BY PARTNERRE AND LISTED ON NYSE WOULD NOT BE INCLUDED IN PROPOSED ACQUISITION

*

* EXOR-CASH CONSIDERATION OF $9 BILLION TO BE PAID BY COVÉA ON CLOSING OF TRANSACTION IS BASED ON CONSOLIDATED COMMON SHAREHOLDERS' EQUITY VALUE OF $7 BILLION

* EXOR NV - CO ACQUIRING FROM COVÉA INTERESTS IN SPECIAL PURPOSE REINSURANCE VEHICLES MANAGED BY PARTNERRE FOR APPROXIMATELY $725 MILLION

* BILLION

* EXOR N.V. - EXOR AND COVÉA SIGN MEMORANDUM OF UNDERSTANDING FOR SALE OF PARTNERRE FOR $9 BILLION (EUR 7.7 BILLION) EXOR.MI

* EXOR NV- PARTIES DO NOT ANTICIPATE A MATERIAL IMPACT OF CONTEMPLATED TRANSACTION ON EMPLOYMENT ON CUSTOMER RELATIONSHIPS

Source text for Eikon: ID:nBIA1T29tx Further company coverage: EXOR.MI

((Reuters.Briefs@thomsonreuters.com;))

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