Italian financial services group Unipol Gruppo SpA said its board of directors approved the sale of the company's 63.39% stake in Arca Vita SpA to UnipolSai Assicurazioni SpA for €475 million.

The deal is part of efforts to streamline Unipol Gruppo's insurance business by combining all insurance operations under the control of UnipolSai. The sale is expected to be finalized by the end of 2018, subject to necessary authorizations from supervisory authorities.

Mediobanca — Banca di Credito Finanziario SpA and JP Morgan Ltd. acted as financial advisers for Unipol Gruppo and UnipolSai, respectively.