Wefox to sell Italy units to J.C. Flowers

Wefox has agreed to sell 100% of the shares in its Italian companies Wefox MGA S.r.l. and Wefox Services Italy S.r.l., which focus mainly on affinity distribution with an emphasis on motor insurance, to funds managed by private equity firm J.C. Flowers & Co.

The transaction will provide Wefox with additional financial flexibility and marks the successful completion of the group’s restructuring. The team led by CEO Joachim Müller and supported by the investors can now “fully focus on developing the business and ensuring its sustainable financing.”

The transaction is expected to be completed by the end of the second quarter this year subject to customary closing conditions.