Agnellis’ Exor Will Buy PartnerRe After Axis Deal Scrapped

Exor SpA, the Agnelli family’s investment company, agreed to buy PartnerRe Ltd. for about $6.9 billion in its biggest single acquisition in more than a century after the reinsurer scrapped a deal with rival Axis Capital Holdings Ltd.

Exor, which controls Fiat Chrysler Automobiles NV, will pay $140.50 a share, including a special pre-closing dividend of $3 a share, according to a statement Monday from PartnerRe and Exor. The Bermuda-based reinsurer suffered setbacks in its plan to merge with Axis when proxy advisory firms recommended last month that PartnerRe shareholders reject that combination and favor Exor.