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UK insurer Admiral terminates agreement to form JV with Oakley Capital, Mapfre

Admiral Group PLC Oakley Capital Ltd. and Mapfre SA mutually agreed to terminate an agreement to form a joint venture company.

The transaction, which was agreed in April, aimed to combine Rastreator Comparador Correduría de Seguros SL, Admiral's digital insurance broker in Spain, with Asesor Seguros Online SL and Asesor Consumer Services SL. The joint venture company would have been formed as a holding company for the merging entities.

The decision to terminate the agreement was made due to challenges in completing the proposed transaction within a reasonable timeframe, mainly relating to antitrust complexity.