Bernitsas Law advised on the sale by Ethniki Holdings Limited, a holding company managed by CVC Capital Partners Fund VII, of its 90.01% stake in Ethniki Asfalistiki to Piraeus Bank for a total consideration of €600m on a 100% basis. This landmark transaction represents a significant development in the Greek insurance market.
A binding agreement was entered into on 12 March 2025 and completion of the transaction is subject to regulatory and other customary conditions.
CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure with a global network of 30 local offices and €200bn of assets under management.
Ethniki Asfalistiki is a premier insurance company in Greece, offering a comprehensive range of insurance products, with total assets of €4bn and 14.5% market share.
Bernitsas Law provided comprehensive legal advice on Greek law matters to CVC throughout the process. Managing Partner Panayotis Bernitsas and Partner Nikos Papachristopoulos led the team advising on this transaction, which consisted of Partners Maria Nefeli Bernitsa and Marina Androulakakis, Counsel Dr. Anastasia Mallerou and Associate Katia Zigoulianou. This deal comes as a sequence of several successful transactions, further demonstrating our consistent track record and expertise also in the insurance sector.