(Adds acquirer detail.)

 
   By Carlo Martuscelli

Intesa Sanpaolo S.p.A. (ISP.MI) said Friday that it will buy a 50% plus one share stake in Italian health insurer RBM Assicurazione Salute for 300 million euros ($333.7 million).

The deal will be executed through the Milan-listed lender's wholly-owned subsidiary, Intesa Sanpaolo Vita.

The company said that the transaction is in line with its objective of expanding in damages insurance. The combined business will be called Intesa Sanpaolo RBM Salute, and will have a 20.8% share in the Italian health insurance market.

According to the agreement, Intesa will complete the first part of the deal by July 2020. Then, between 2026 and 2029, it will progressively acquire the rest of RBM at a price contingent on the performance of the business.

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

(END) Dow Jones Newswires

December 20, 2019 04:14 ET (09:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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