De Brauw Blackstone Westbroek recently advised Assicurazioni Generali on the acquisition from PPF Group of the remaining 49% stake it did not own in Generali PPF Holding (GPH) for a fixed price of EUR 2.5 billion. GPH is the 51/49 joint venture of Generali and PPF Group and one of the largest insurers in the CEE region. In addition to being the largest Italian insurer, Generali is also one of the largest insurers in the world, and is a heavyweight on the FTSE MIB index of Borsa Italiana.
At the same time as the acquisition was being finalised, joint venture GPH sold its consumer finance insurance operations in Russia, Ukraine, Belarus and Kazakhstan to PPF for EUR 80 million. Generali also purchased PPF's indirect 39% interest in the Russian insurer Ingosstrakh, and the PPF Group will now regain full control of the PPF Partners private equity business.
De Brauw acted as Dutch counsel to Generali and was extensively involved from the start, working alongside leading Italian law firm Bonelli Erede Pappalardo. Joint venture GPH is a Dutch entity and the majority of the transaction and corporate documents are governed by Dutch law.
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