(Bloomberg) -- Assicurazioni Generali SpA agreed to buy control of New York-based credit investment firm MGG Investment Group as the Italian insurer looks to expand in the private asset business.

Generali’s asset management subsidiary Conning & Co. will acquire a 77% stake in MGG for $320 million, according to a statement Friday that confirmed an earlier Bloomberg News report. 

MGG provides senior secured loans and structured capital solutions to US mid-market businesses. It has more than $6 billion under management and has deployed over $10 billion since its inception in 2014.

Generali’s investments arm oversaw €632 billion as of Sept. 30. The Italian group has been aiming to grow further in asset management to build up a global platform and speed up diversification, Chief Executive Officer Philippe Donnet said at an August press conference. It’s close to reaching a deal to form an asset management joint venture with Natixis SA, people with knowledge of the matter said this month. 

The MGG deal is expected to lower Generali’s Solvency II ratio by about 2 percentage points, it said in Friday’s statement. The purchase price could increase if MGG’s business hits certain milestones, Generali said in the statement. 

MGG management and the family office of billionaire Frank McCourt will keep minority stakes after the deal, which is expected to close this year. Ardea Partners advised Generali on the purchase, while MGG worked with UBS Group AG. 

Bloomberg News reported in November that Generali was exploring a deal for MGG and aiming to reach an agreement before its Jan. 30 investor day. Shares of Generali have risen 7% this year, giving the insurer a market value of about €46.3 billion ($47.7 billion). 

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