Bernitsas has advised Ethniki Holdings Limited on the sale of its 90.01% stake in Ethniki Asfalistiki to Piraeus Bank for a total consideration of EUR 600 million on a 100% basis.
The transaction remains contingent on regulatory approval.
Ethniki Holdings Limited is managed by CVC Capital Partners Fund VII. CVC is a global private markets manager with 30 local offices and EUR 200 billion in assets under management
Ethniki Asfalistiki is a premier insurance company in Greece with total assets of EUR 4 billion and a 14.5% market share.
In 2017, Bernitsas advised on Exin Group's acquisition of a majority stake in Ethniki Hellenic General Insurance (as reported by CEE Legal Matters on July 10, 2017).
The Bernitsas team included Managing Partner Panayotis Bernitsas, Partners Nikos Papachristopoulos, Maria Nefeli Bernitsa, and Marina Androulakakis, Counsel Anastasia Mallerou, and Associate Katia Zigoulianou.
Bernitsas did not respond to our inquiry on the matter.
