Zurich Financial Services Group said its subsidiary, Zurich Spain, has acquired a 50 percent stake in Can Soluciones Integrales S.A. from Caja de Ahorros y Monte de Piedad de Navarra, a financial banking institution in the Navarra, Spain region.
The deal is worth a total of $134 million involving a direct payment of $71 million and earn-out payments of up to $63 million depending on future performance, Zurich said.
As part of the agreement, the jointly owned company will enter into an exclusive agreement with Caja Navarra for the distribution of general insurance products. The Zurich, Switzerland-based insurer said the move reflects its strategy to expand its footprint in Spain.
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