January 24, 2020 / 6:22 AM / a month ago

Helvetia buys majority stake in Spain's Caser for 780 mln euros

ZURICH, Jan 24 (Reuters) - Swiss insurer Helvetia said it acquired a 70% stake in Spanish insurer Caser for 780 million euros ($865 million) to expand its European business.

Helvetia has reached an agreement with various shareholders to acquire their equity stakes and other shareholders have the option to sell their shares to Helvetia at the same conditions, Helvetia said in a statement on Friday.

Caser, which generated revenues of 1.639 billion euros in 2018, will immediately make a significant profit contribution, said the Swiss company that is trying to build a second pillar outside of its home market Switzerland.

$1 = 0.9014 euros Reporting by Silke Koltrowitz; Editing by Michael Shields

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