CVC Capital Buys 90% of National Bank of Greece Insurance Unit
- Insurance sale adds around 60 basis points in bank’s capital
- Acquisition would add to string of insurance transactions
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CVC Capital Partners agreed to acquire 90% of National Bank of Greece SA’s insurance business after a years-long search for a buyer.
The private equity firm paid an amount that values the entire Ethniki unit at 505 million euros ($596 million), the lender said in a statement Friday. That includes an “earn-out” payment of up to 120 million euros, which will be subject to meeting some agreed performance targets.