Media: Press Releases | 05 March 2021
Paris, 05 March 2021 – Hogan Lovells has advised CNP Assurances on the signature of an agreement with the Aviva Group for the acquisition of life insurance businesses in Italy.
With this acquisition CNP Assurances is pursuing its international growth strategy and consolidating its position in the Italian life insurance market. This operation will double CNP Assurances’ share of this market.
The transaction perimeter includes the following Aviva Group life businesses in Italy:
- 51% of Aviva S.p.A., a life insurance company in which UniCredit S.p.A. holds 49%;
- 100% of Aviva Life S.p.A., a life insurance company and Aviva Italia Servizi S.c.a.r.l., which provides business support services to the two insurance companies.
On completion of the transaction, CNP Assurances will be the fifth largest life insurer in Italy. Its market share will double to around 6% based on premium income.
The acquisition price of €543 million will be financed by CNP Assurances using its own resources.
The transaction is subject to various conditions precedents, including obtaining the necessary approvals by the competent supervisory and competition authorities.
A French/ Italian cross border Hogan Lovells team advised CNP Assurances, led by Corporate partners Stéphane Huten and Sébastien Gros in Paris and Francesco Stella in Milan.
In Paris, the team included Stéphane Huten (partner), Paul Leroy (counsel), Ali Chegra (senior associate) and Maximilien Roland (associate) on the Corporate aspects; Sébastien Gros (partner) and Ghina Farah (counsel) on the Corporate Insurance/ Regulatory aspects; Eric Paroche (partner) and Victor Levy (senior associate) on the Antitrust aspects.
In Milan, the team included Francesco Stella (corporate partner) and Martina Di Nicola (corporate counsel) together with Celeste Mastrangelo (corporate associate), Fabrizio Grillo (employment senior associate), Silvia Lolli (counsel regulatory insurance ) and Maria Luce Piattelli (IP counsel).