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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.
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(END) Dow Jones Newswires
November 08, 2018 12:14 ET (17:14 GMT)
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