Global law firm Clifford Chance has advised Generali on the corporate reorganisation of its group in Spain and Portugal following the acquisition of Liberty Seguros. The reorganisation was implemented, among other transactions, through the merger of its two insurance companies in Spain and a cross-border partial division of the Portuguese branch business of one of these companies in favour of Generali’s Portuguese insurer (Generali Tranquilidade).
Clifford Chance’s advice covered all legal and regulatory aspects of the reorganisation, including corporate steps and the relevant authorisation or non-opposition procedures before the competent regulatory authorities. The reorganisation incorporated innovative mechanisms, such as the cross-border division, which is unprecedented in the insurance sector in both Spain and Portugal.
The completion of the transaction marks a strategic milestone in consolidating Generali’s business in Iberia and realising the synergies resulting from the acquisition of Liberty Seguros.
The Clifford Chance team advising Generali on this transaction was led by counsel Miguel Barredo and associate María Viñas, with support from senior associate Juan Valcárcel and of counsel Javier García de Enterría. Counsel Fernando Escribano provided tax advice in connection with the transaction.
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