Ethniki: Stake Sold to Piraeus Bank for EUR 600 Million
Deal News | Mar 21, 2025 | CEE Legal Matters
Ethniki Holdings Limited, managed by CVC Capital Partners Fund VII, has agreed to sell its 90.01% stake in Ethniki Hellenic General Insurance to Piraeus Bank for a total of EUR 600 million, contingent upon regulatory approval. Ethniki Asfalistiki is one of Greece's leading insurance companies, holding a 14.5% market share and managing EUR 4 billion in total assets. The legal advisory related to this transaction is provided by Bernitsas, a law firm experienced in such transactions, having previously advised on the 2017 Exin Group’s acquisition of a majority stake in Ethniki. CVC Capital Partners is a prominent private markets manager with a global presence, overseeing EUR 200 billion in assets.
Sectors
- Insurance
- Private Equity
- Banking
- Legal Services
Geography
- Greece – Ethniki Hellenic General Insurance is based in Greece and is a major player in the country's insurance sector.
- Europe – CVC Capital Partners is a Europe-based private equity firm managing a global portfolio, highlighting activity in the European market.
Industry
- Insurance – The article discusses the sale of a leading insurance company in Greece, Ethniki Hellenic General Insurance.
- Private Equity – CVC Capital Partners, a global private equity firm, is involved in the transaction through the sale of its stake.
- Banking – Piraeus Bank is the acquirer in this transaction, thus involving the banking sector.
- Legal Services – Bernitsas Law provided legal advisory for the transaction, indicating the involvement of the legal services industry.
Financials
- 600,000,000 EUR – The total consideration for the sale of 90.01% stake in Ethniki Asfalistiki.
- 4,000,000,000 EUR – The total assets managed by Ethniki Asfalistiki.
- 200,000,000,000 EUR – Assets under management by CVC Capital Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ethniki Holdings Limited | Selling Company | Companies | The company holding a 90.01% stake in Ethniki Asfalistiki managed by CVC Capital Partners. |
| Piraeus Bank | Bidding Company | Companies | The Greek bank acquiring the majority stake in Ethniki Hellenic General Insurance. |
| Ethniki Asfalistiki | Target Company | Companies | A leading insurance company in Greece with a 14.5% market share. |
| Bernitsas | Legal Advisor | Companies | The law firm advising on the sale of Ethniki Asfalistiki. |
| CVC Capital Partners Fund VII | Managing Fund | Companies | The fund managing Ethniki Holdings Limited. |