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Exor completes PartnerRe sale, bolsters coffers for acquisitions

·1 min read

MILAN, July 12 (Reuters) - Exor said on Tuesday it had completed the sale of reinsurer PartnerRe to France's Covea, providing a multibillion-euro warchest for acquisitions for the holding company of Italy's Agnelli family.

Exor said in a statement it would receive $9.3 billion in cash for the sale of the Bermuda-based firm, a deal that had previously been derailed by the coronavirus pandemic.

The two parties earlier this year agreed to increase the selling price by around $300 million, from an initial $9 billion, based on PartnerRe's performance in 2021.

Exor CEO John Elkann said in November Exor would have about 9 billion euros ($9.1 billion) available for investments including in luxury, healthcare and technology industries, once it completed the PartnerRe sale.

Those include the purchase of a 10% stake in French healthcare group Institut Merieux for 833 million euros that Exor announced earlier this month.

Exor, whose main investments include carmakers Stellantis and Ferrari and soccer club Juventus , said on Tuesday that, as previously agreed, it would continue its cooperation with Covea.

($1 = 0.9933 euros) (Reporting by Giulio Piovaccari Editing by Keith Weir and Mark Potter)