"Ethniki saga" comes to an end: CVC Capital to buy Greece's largest insurer

31 March 2021 — Andrei Victor
The private equity and investment advisory firm CVC Capital Partners' Fund VII has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from National Bank of Greece (NBG), in a deal that values the Greek insurer at about EUR 505 million.

CVC Capital Partners' Fund VII mentioned in a statement published on its website that "The closing is subject to standard conditions precedent, the approval by the antitrust and regulatory authorities and the approval of an Extraordinary General Meeting of NBG shareholders".

The final transaction price includes the EUR 120 million connected to reaching specific milestones in sales of bancassurance products by 2026. At the same time, the deal comes with a 15-year contract for an exclusive partnership regarding the sale of Ethniki's insurance products through the NBG branch network.

In October 2020, xprimm wrote here that National Bank of Greece is in advanced talks with CVC Capital Partners about the sale of its insurance unit. At that time, the expected value of the transaction of sale of 80% of Greek insurer - mentioned by local media was around EUR 460-480 million.

NBG is trying to sell ETHNIKI Asfalisitiki for years to shore up its capital buffers.

XPRIMM covered the story of ETHNIKI sale since 2016. Below you can find our materials on this subject:

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