Bridgepoint to Buy Majority Stake in German Insurance Broker HBC

Bridgepoint Group Plc agreed to acquire a majority stake in German insurance broker Hanseatic Broking Center GmbH from Preservation Capital Partners.

The transaction sees Bridgepoint partner with HBC’s management team and founders, who will remain significantly invested, according to a statement on Tuesday that confirmed an earlier Bloomberg News report. Preservation Capital will fully exit. While financial terms weren’t disclosed, people familiar with the matter have said the deal values HBC at €700 million ($810 million) or more.