Connect with us

Economy

Sonae sells insurance company British Ardonagh and raises $ 100 million – Banking & Finance

Published

on

Sonae sells insurance company British Ardonagh and raises $ 100 million - Banking & Finance

Sonae and Brazilian IPLF Holding, which jointly control MDS, have signed an agreement to sell 100% of this risk and insurance advisory group to The Ardonaugh Group, the UK’s largest independent brokerage group, according to a statement sent to the newsroom this Thursday, December. 23rd.

In a statement published on the website of the Portuguese Commission for the Securities Market (CMVM), the group led by Claudia Azevedo says that “the transaction involves the sale of 50% of the share capital of the MDS group for about 100 million euros. and should bring Sonya a capital gain of about 74 million. “

Maya’s group guarantees that this transaction “will not affect Sonae’s consolidated revenues or consolidated EBITDA.”

The current MDS leadership and leadership team, led by José Manuel Dias da Fonseca since 2000, “will remain fully operational with new resources and capital, and will continue to pursue organic and inorganic growth plans with clear benefits for its core ‘stakeholders’ “, – emphasize the sellers and buyers of the group with Portuguese DNA.

This operation, which “demonstrates the value of this greenfield asset at Sonae, allows MDS to take an important strategic step in the direction it is moving in to strengthen its national and international presence in insurance and risk advisory services. … “they guarantee.

The Ardonagh group of companies, which employs about 8 thousand people in more than 100 offices, is one of the twenty largest insurance brokerage companies in the world with revenues exceeding $ 1.5 billion (more than $ 1.3 billion). Euro).

Its subsidiary Ardonagh Global Partners will remain the sole shareholder of the MDS group following the completion of the announced deal – which is subject to routine regulatory approvals – and predicts it could happen “in the first half of 2022.”

See also  ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 - ECO

Sonae: “Attractive deal that enhances shareholder value creation”

“Following a long and successful partnership, Sonae and IPLF Holding have negotiated the terms of this deal with The Ardonagh Group, which will enable MDS and its experienced management team to further accelerate their growth and presence by partnering with a leading insurance company. a broker in Europe with a long track record and experience in the sector, ”says an official source for Sonae.

“This transaction is entirely part of Sonae’s proactive portfolio management strategy as it is an attractive transaction that increases shareholder value creation,” says the same maiato group manager.

For José Manuel Dias da Fonseca, this operation represents an exceptional opportunity: “After considering all the alternatives, we have identified within Ardonagh and his leadership team the perfect fit with our vision and commitment to growth. Join an independent group with a culture and a global community. Ardonagh scale. With access to the resources and capital of our new shareholder, we believe that we can accelerate the MDS Group’s organic and inorganic growth plans, ”emphasizes the company’s CEO.

Des O’Connor, CEO of Ardonagh Global Partners, after praising “Jose Manuel and his entire team,” who “has earned a global reputation for customer service, innovation and professionalism, providing first-class service to his clients for over 30 years. “, Ensures that” the MDS Group will continue to accompany the growth of the markets in which it operates, namely Portugal, Spain, Brazil and Africa. ”

“The MDS Group is exceptionally well positioned to continue to support its clients in managing risk in an ever-changing world and, at the same time, bring in other ‘brokers’ who share this strategic and cultural alignment,” says O’Connor.

See also  Portugal with over 19,430 millionaires a year of the pandemic. The richest 1% owns a fifth of the fortune - Observer

Sonae and IPLF Holding advised Bank of America as financial advisor, law firm Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL and EY on financial and tax due diligence.

World insurance from Porto

In 1984, Sonae established MDS – Sociedade Mediadora de Seguros, a captive brokerage company to manage domestic insurance. But it wasn’t until the turn of the century that Sonae’s insurance “arm” turned to the market and began to expand internationally. Then, in less than ten years, he will invest about 70 million euros in acquisitions.

The big leap forward came in 2002 when 45% of Lazam, the third largest Brazilian “broker” and one of the largest in Latin America, was acquired. Seven years later, Suzano (from IPLF Holding) buys 49.9% of MDS, SGPS – Sonae receives 47 million euros in cash and MDS retains 100% of Lazam.

The company, headed by José Manuel Diaz da Fonseca, meanwhile acquired 32.12% of British global giant Cooper Gay Swett & Crawford for 35 million euros – the largest operation of the Portuguese company in the insurance sector overseas. In 2013, Sonae cashed out € 12 million through a partial sale of its stake, dropping its position in the then largest independent broker in the world to 9.72%.

Earlier in 2005, MDS achieved leadership in the sector in Portugal after acquiring Unibroker and Becim from the Amorim group.

Last year, he founded Brokerslink in Porto, which began as an informal network of four independent brokers and has grown to become one of the largest global brokers and risk advisory organizations, with operations in over 120 countries and around 21,000 professionals.

See also  In Portugal, false vaccination certificates can cost € 150 - internet

In 2007, MDS was finally transformed into a Portuguese-Brazilian group, with Suzano’s share reaching 50%, and control of the insurance group was split from Sonae.

Keeping pace with the shopping accelerator, MDS has already made three purchases this year – two in Brazil (QHConsult and Tovese) and one in Angola (Média Mais).

Market leader in Portugal and one of the largest players in Brazil and Angola, MDS also has direct presence in Mozambique, Spain, Malta and Switzerland.

The MDS Group is also active in the flexible management of benefits and benefits through 838 Soluções e Ben’s (Brazil) and Flexben (Portugal).

As a result of significant organic growth, as well as aggressive acquisitions, both in Portugal and abroad, MDS has ranked among the world’s leading insurance brokers, becoming the only Portuguese-Iberian group among the world’s 250 largest insurance brokerage firms. , according to a recent rating published by the international consulting company Insuramor.

MDS is ranked 141st in the world rankings for 2020 with an estimated revenue of $ 79.4 million (€ 70.4 million), reflecting its performance in various markets where it has a global presence.

According to Sonae’s statement this Thursday, the MDS group “recorded a turnover of 75 million euros in the 12 months to June 2021, managing over 500 million euros in premiums.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

Published

on

Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

Continue Reading

Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

Published

on

The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

Continue Reading

Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

Published

on

Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

See also  The world is facing 'the first truly global energy crisis'

high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

Continue Reading

Trending