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October 24, 2018

Mapfre and Santa Lucia in talks to combine Spanish funeral businesses

Insurance firms Mapfre and Santa Lucia are planning to combine their Spanish funeral businesses, according to Reuters.

Three unidentified sources familiar with the development, told the new agency that through this deal the Spanish funeral businesses aim to take advantage of increasing demand of funeral services and steady cash-flows in the country.

Spanish funeral businesses

Albia, which is owned by Santa Lucia, and Funespana, owned by Mapfre, are second and third biggest funeral services providers in Spain.

If the proposed deal materialises, the combined Spanish funeral businesses will become the top funeral services provider in the country with more than €200m in revenues.

The united firm would be majority owned by Santa Lucia, the sources told Reuters.

Mapfre has initiated a delisting acquisition bid to purchase 4% of Funespana, valuing the company at €140m.

A source that advised on the 2017 Memora deal told Reuters: “It is an attractive business, with stable and recurrent cash-flows. Although the prices of the services are not regulated, funeral services companies are considered by many as infrastructure assets.

Mapfre recently shut down its German arm. Moreover, the company aimed to bring greater financial stability and efficiency to the group through this move.

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