Banco Bpm announces that it has signed an agreement with the Aviva group for the repurchase of 50%+1 share of the capital of Avipop Assicurazioni held by Aviva Italia Holding.
Avipop Assicurazioni is the company operating in the non-life business, headed by Avipop Vita, a company operating in the life business, which operates through the distribution network of the Banco Bpm group (excluding the branches and agencies of BPM Spa).
As already communicated to the market in relation to the cancellation of the Bancassurance distribution agreement with Avipop Assicurazioni and Avipop Vita, Aviva Italia Holding exercised the Put option on the entire shareholding it held in Avipop Assicurazioni (50%+1 share).
The agreement signed today consensually defines the consideration that Banco BPM will pay Aviva Italia Holding for the sale of the equity investment without having to resort to the procedures envisaged by the agreements between the parties for determining the purchase price.
In particular, the economic terms of the agreement with Aviva, which take into account, among other things, the valuation criteria of the investment established by the Shareholders' Agreement, provide for a price for the purchase of 50%+1 share of Avipop Assicurazioni equal to 252,5, 100 million, corresponding to a valuation for 505% of the company equal to XNUMX million.
Furthermore, as agreed between the Parties, Aviva is entitled to receive 50% of the dividend from the 2017 ordinary profit of Avipop Assicurazioni, determined on the basis of available estimates and the results already achieved by the Company as at 30 June 2017, in 12,5 million.
