Berkshire Hathaway Inc. will buy an approximately 9 percent stake in Italian insurer Societa Cattolica di Assicurazioni Scrl from Banca Popolare di Vicenza SpA.
The transaction will be at 7.35 euros per share for a total of cost 115.9 million euros.
On August 3, Standard & Poor’s confirmed Cattolica’s rating as BBB – and the outlook as stable.
Cattolica’s stand-alone credit profile (SACP) was confirmed at bbb+.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.