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The workforce reductions will span multiple European countries and are set to be implemented through severance packages, early retirement schemes and other voluntary arrangements.
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The insurance broker filed confidentially for the listing in late June.
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The banks chosen are HSBC Holdings, Morgan Stanley, ICICI Securities and IIFL Capital Services.
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The transaction is due to complete in Q3 of this year, subject to regulatory clearance, and is expected to be accretive to Hagerty's earnings from completion.
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Apollo Global Management-backed Athora has been weighing the future of its German operation, including a possible disposal, after finding it difficult to expand the business.
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