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Mutua seals a strategic agreement with El Corte Inglés and enters its shareholding with 8%

Mutua seals a strategic agreement with El Corte Inglés and enters its shareholding with 8%
Mutua seals a strategic agreement with El Corte Inglés and enters its shareholding with 8%

Grupo Mutua will disburse 1,155 million to be the exclusive partner in insurance and funds of El Corte Inglés and land in its capital

MADRID, 28 Oct. (EUROPA PRESS) –

El Corte Inglés and Grupo Mutua have signed a historic agreement to develop a major strategic alliance whereby the insurance company becomes the exclusive provider of insurance and investment funds marketed by the distribution group among its 15 million clients. , and that includes the entry into the shareholding of the Spanish distribution giant with 8%, a percentage valued at 555 million euros, as reported by both groups in a statement.

Specifically, with this alliance, Grupo Mutua will acquire 50.01% of each of the two companies that carry out the insurance activity of El Corte Inglés, that is, SECI (Life and Accident Insurance) and CESS (Insurance Brokerage) for an amount of 550 million euros.

In addition, the Mutua Group supports the future project of the Spanish company with its entry into its shareholding with an 8% stake in its capital, from treasury shares, for 555 million euros.

In this way, the Mutua Group will be represented on the El Corte Inglés board of directors by its president and CEO, Ignacio Garralda.

Source

Mutua seals strategic agreement Corte Inglés enters shareholding

 
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