Latham Advises CVC on Sale of Ethniki Insurance to Piraeus Bank

Latham & Watkins has advised CVC Capital Partners Fund VII (CVC) on its entry into a binding agreement for the sale of its 90.01% stake in the parent company of Ethniki Insurance to Piraeus Bank, for a total consideration of €600 million on a 100% basis. Completion of the transaction is subject to approvals from the competent regulatory authorities. Latham also advised CVC on its initial investment into Ethniki Insurance, which completed in 2022.

Ethniki Insurance is a leading composite insurer in Greece, offering a comprehensive range of insurance products with approximately a 14.5% market share and €4 billion in total assets.

The Latham team was led by London corporate partners Kem Ihenacho and Neil Campbell, with associates Zaal Cama, Angus Baird, and Alex Nagorny. Advice on insurance matters was provided by London counsel Tim Scott.