March 3, 2020 / 8:55 PM / 3 months ago

Italy's Exor in MoU with France's Covea for sale of PartnerRe for $9 bln

March 3 (Reuters) - Investment group Exor said on Tuesday it has entered a memorandum of understanding (MoU) to sell its reinsurance unit PartnerRe to France’s Covea for $9 billion in cash.

The MoU also includes a cash dividend of $50 million to be paid to Exor before closing of a deal, expected by 2020-end.

Covea would enter into a definitive agreement to buy PartnerRe after it successfully completes a required consultation with workers councils, Exor said in a statement. (Reporting by Ismail Shakil in Bengaluru; Editing by Shailesh Kuber)

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