Telefonica Agrees to Sell Antares to Catalana Occidente for EUR161 Million

Date : 11/08/2018 @ 5:29PM
Source : Dow Jones News
Stock : Telefonica Sa (TEF)
Quote : 8.07  0.09 (1.13%) @ 2:43PM

Telefonica Agrees to Sell Antares to Catalana Occidente for EUR161 Million

Telefonica (NYSE:TEF)
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   By Alberto Delclaux 

Telefonica SA (TEF.MC) said Thursday that it agreed to sell insurance company Antares to Grupo Catalana Occidente S.A. (GCO.MC) for 161 million euros ($184 million), as part of its asset-portfolio reorganization plan.

The Spanish telecoms group expects the deal to generate capital gains of about EUR90 million and lead to a reduction in net financial debt of about EUR30 million.

Following the transaction, Catalana Occidente will continue managing Telefonica's insurance policies for the next ten years, Telefonica said.

The deal is subject to regulatory approvals.


Write to Alberto Delclaux at


(END) Dow Jones Newswires

November 08, 2018 12:14 ET (17:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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