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Mar 2021

Bernitsas Law advises CVC in connection with the acquisition of Ethniki Insurance (Ethniki) from National Bank of Greece (NBG)

Bernitsas Law acted as Greek law counsel to CVC Capital Partners’ Fund VII in connection with its entering into a definitive agreement to acquire 90.01% of Ethniki from NBG. As announced, 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 of the transaction is subject to standard conditions precedent, the approval by the antitrust and regulatory authorities and the approval of an Extraordinary General Meeting of NBG’s shareholders.

Nikos Papachristopoulos, Partner, and Sofia Kontou, Senior Associate, lead the M&A team. Partners Lambros Belessis and Evi Kitsou led the bancassurance team and Marina Androulakakis, Partner, led the antitrust team. Senior Associate Christina Zakopoulou led the due diligence team.