Zepos & Yannopoulos acted as legal counsel on the sell side in the recently announced agreement for the acquisition by Allianz SE of 72% of shares in European Reliance S.A., a leading Greek insurance company listed on the Athens Exchange (the Company) with €223 million in gross written premiums (GWP) and a network of 110 branches and 5,667 agents.
Allianz SE launched on 11 February 2022 a voluntary tender offer for the acquisition of 100% of shares in the Company at a price of €7.80 per share, valuing the Company at €207 million. The acquisition of all the Company’s shares is subject to approvals by the Bank of Greece, the Hellenic Capital Market Commission and the Hellenic Competition Commission.
We advised the sellers from the early stages in the structuring of the transaction, the negotiations with Allianz S.A. and the conclusion of the multiple share purchase agreements, while we are also assisting the Company on all capital markets relating to the tender offer and insurance regulatory aspects until the successful closing of the transaction.
The Company, once combined with Allianz Hellas, would be first in property and casualty insurance, the fifth ranked insurer in Greece based on GWP and fifth in Life & Health.
The Zepos & Yannopoulos team is led by Christina Papanikolopoulou, partner, head of Finance & Capital Markets practice group and partner Elena Papachristou, and associates Alexis Kontogiannis and Vivian Efthymiou. Anastasia Makri, partner, advised on insurance law matters while Stamatis Drakakakis, partner, and George Vavatsioulas, senior associate, assisted the Company on anti-trust law aspects.