Cerberus' Bawag sells Bawag PSK Versicherung

Following the deal, Generali boosts its stake in the company to 74.99% and could move to acquire the balance.

The transaction value was undisclosed but it is reported to value the company at around €260m.

Bawag PSK Versicherung, which sells insurance products in banks and post offices, reported a turnover of €217m with 350,000 closed deals.

Cerberus acquired Bawag from the Austrian Trade Union Association ÖGB for €3.2bn in May 2007. Two years later, Cerberus invested a further €200m in the bank, which received €550m of public money.

The bank's value is said to have decreased to €728m, forcing the institution to sell off foreign subsidiaries and stakes in portfolio companies.

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• Topics
• DACH
• Financials
• Portfolio management
• Austria
• Cerberus Capital Management