The signature arrived yesterday afternoon. After months of negotiations, it was expected on February 6th of MF-Milano Finanza, Ax in Italy it closed the acquisition of Nobis, the company headed by Alberto Di Tanno, which is also the main shareholder with approximately 83% of the shares. Finished an operation like Axat the group level, decided to start in “exclusive negotiations” to sell Ax Investment Managers a BNP Paribas for 5.4 billion. An operation that will allow the French group to withdraw from the asset management sector while the alliance of Ax I am with BNP Paribas it will create one of the main European asset management operators, with assets under management worth 1,500 billion euros.
Growing account for the group in Paris
Yesterday was also the day of the presentation of the half-year financial statement of Ax of the group in Paris, closed with an operating profit of 4.2 billion, up 4% compared to the same period in 2023, with total premiums written growing by 7%, to 59.9 billion, and a Solvency II ratio of 227 % , stable compared to 2023. « Ax is on track to implement its new strategic plan Unlock the Future», declared the CEO of the group Thomas Buberl. Returning to Italy where Ax in case of sale of Mrs may lose its legal bancassurance history with the bank of Siena (especially in the event of entry into the field of Unipol), Operation Nobis will instead serve to tighten the grip.
Nobis, 423 million operations
Axa, who became his consultant Equity as sole financial advisor, “will be able to count on an Italian company mainly focused on the P&C Retail business, with a well-diversified distribution network, with multi-firm agents and partnerships with car dealerships”, the company declared that led by CEO Chiara Soldano. In 2023, Nobis will have 0.5 billion gross premium and net income of 35 million. The consideration for the acquisition is 423 million, with a potential increase of up to 55 million which implies a price/earnings multiple of about 11 times, plus expected synergies. In addition to Di Tanno, Investimenti Industriali (4.6%) will sell the shares, which in turn are owned by Lamse by Andrea Agnelli, Giorgio Introvigne (8.7%) and Carlo Calvi (3%). The operation will allow the company to move from fifth to fourth position in the non-life market and the agreements give Di Tanno, who is also the founder and president of Intergea, one of the leaders in Italy in the distribution sector of automotive , will remain a consultant for 5 years for the further development of the automobile business, including at the international level. “The integration of Nobis with our dynamic Italian business will create opportunities for growth and innovation in our organization,” said Patrick Cohen, CEO of Ax European Markets and Health. (All rights reserved)