Generali is said to weigh takeover of Guggenheim asset management unit for $4B
Oct. 21, 2022 3:44 PM ETAssicurazioni Generali S.p.A. (ARZGY), ARZGFDXYBy: Max Gottlich, SA News Editor
- Assicurazioni Generali (OTCPK:ARZGF) (OTCPK:ARZGY), the biggest insurer in Italy, is progressing in its discussions to buy the asset management business of U.S.-based Guggenheim Partners, in a deal that could be valued at as much as $4B, Bloomberg reported Friday, citing people with knowledge on the situation.
- Generali (OTCPK:ARZGY) was said to have first weighed the acquisition of Guggenheim's asset management division to expand its asset arm at the end of September, when the stock climbed over 4% as a result of the news.
- The insurer will determine whether it wants to formalize a bid by the end of 2022 as it completes due diligence on the matter, the people told Bloomberg.
- Spokesmen for Generali and Guggenheim declined to comment to Bloomberg's request for comment.
- The potential acquisition comes at a time when the U.S. dollar (DXY) is at its strongest in decades, thus making U.S.-based assets more costly.
- See how Generali's earnings fared in the first half.