Shearman & Sterling Advises Eurobank on Sale of 80 Percent of Eurolife
Shearman & Sterling advised Eurobank Ergasias (Eurobank) on the sale of 80 percent of Eurolife ERB Insurance Group Holdings (Eurolife) to Fairfax Financial Holdings Limited (Fairfax), following a competitive bidding process. The transaction represents an important part of Eurobank’s restructuring plan and a significant step forward in executing its strategy to gradually exit non-banking operations.
Fairfax acquired 80 percent of Eurolife from Eurobank for €316 million, while Eurobank will retain a 20 percent stake. The transaction includes the sale of Eurolife’s Greek life and non-life insurance activities, as well as Romanian life and non-life insurance activities. It also includes Eurolife’s brokerage subsidiary in Greece and the bancassurance agreements between Eurolife subsidiaries and Eurobank, which provide the exclusive distribution of insurance products in Greece and Romania through Eurobank’s sales network. The transaction is subject to certain regulatory approvals and is expected to close before the end of September 2016.
Shearman & Sterling also recently advised Eurobank on its €2.04 billion recapitalization.
The Shearman & Sterling team was led by partner Andreas Löhdefink
(Frankfurt-Capital Markets/Mergers & Acquisitions) and included counsel Simon Letherman
(London-Tax) and Mathias Stöcker
(Frankfurt-Antitrust), as well as associates Brian Butterwick, Denise Lum, Paul Pasalic (all London-Mergers & Acquisitions), Sarah Moir-Porteous, Gabriel Ng (both London-Tax), and trainees Theodora Dimitrova and Brittany Roger (London-Mergers & Acquisitions).