CVC’s Acquisition of Ethniki Insurance

In UK Latham & Watkins, advised on the matter.

Latham & Watkins advised CVC Capital Partners with a team including Kem Ihenacho (Picture – Corporate M&A), Victoria Sander (Insurance).

CVC Capital Partners’ Fund VII executed its definitive agreement with the National Bank of Greece (NBG) for the divestment of 90.01% of Ethniki Insurance.

The equivalent nominal consideration corresponding to 100% of Ethniki would be €505m, including an “earn-out” payment of up to €120m, which will be subject to meeting agreed upon performance targets for the bancassurance channel of NBG by 2026. The transaction includes a 15-year Bancassurance partnership.

The closing is subject to standard conditions precedent, including the approval by the antitrust and regulatory authorities. Approval is also subject to an Extraordinary General Meeting of NBG shareholders.

CVC Capital Partners (“CVC”) is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the US. Since its founding in 1981, CVC has secured commitments in excess of US$160 billion from some of the world’s leading institutional investors across its private equity and credit strategies. 

Ethniki Insurance, established in the 19th century, offers its clients a wide range of integrated insurance solutions. Its sales network comprises of 48 administrative branch-offices, 1235 non-tied agencies, 135 life agencies and 2000 tied agencies.

The Latham team was led by London corporate partners Kem Ihenacho (Picture), Victoria Sander and Neil Campbell, with associates Zaal Cama, Alice Drayton and Andria Varnavides.

Involved fees earner: Zaal Cama – Latham & Watkins; Neil Campbell – Latham & Watkins; Alice Drayton – Latham & Watkins; Kem Ihenacho – Latham & Watkins; Victoria Sander – Latham & Watkins; Andria Varnavides – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: CVC Capital Partners;