Astorg Partners would purchase a holding in Gras Savoye
Willis Group Holdings, a US-based insurance broker, has declared that it will cut its stake in French insurer, Gras Savoye, and private equity firm Astorg Partners would purchase a holding in the same – reported Reuters.
Reportedly, Astorg would get a 33% stake in Gras Savoye in a deal that would place a E500 million ($728.9 million) value on the whole of Gras Savoye.
The company had previously stated that it might sell some of its shareholding of Gras Savoye and would reduce its stake to roughly 33% from around 46%. The family shareholders and management of Gras Savoye would also cut their stake to around 33% from 49% at present.
Willis Group Holdings, along with its subsidiaries, provides insurance brokerage, reinsurance, and risk management consulting services.