Skanska divests captive subsidiary Scem Reinsurance for EUR 54M, about SEK 510M
Skanska has sold 100 percent of the share capital in Scem Reinsurance S.A., a Skanska captive subsidiary in Luxemburg, to ArcelorMittal. The purchase price is EUR 54M, about SEK 510M, on a debt free basis. The divestment will be recorded in the fourth quarter of 2016. The transaction will not have any material impact on the profit for the period.
The divestment takes place after a strategic review of Skanska’s European insurance activities, resulting in a decision to consolidate all such business in Skanska’s captive in Sweden.
The transfer of the shares has been approved by the Luxembourg regulator Commissariat aux Assurances.