Eureko expands into Greek market
GREECE – The insurance and financial services group Eureko is buying a further 54% stake in leading Greek life insurance and fund management company, Interamerican Hellenic Life Insurance, as part of its European insurance and asset management expansion.
“ With this agreement, Interamerican joins one of the leading players in the European insurance and asset management market, addressing the need for globalisation and realising its European vision,” says Dimitris Contominas, chairman of Interamerican.
“ In addition, my presence on Eureko’s board and continued involvement in Interamerican’s management safeguards Interamerican’s prospects within its new European framework.”
Eureko is paying e19.81 per share for the 54.38% holding in Interamerican, bringing the deal to a total of e977m, around a 22% of the premium of the company.
The transaction follows an earlier agreement under which Eureko bought a 25% share in the insurer for e20.74 a share.
The two deals increase the pan-European group’s holding in the Greek company to 79.38%, which requires it to make a mandatory public offer for the remaining stocks. It is expected to offer e20.74 per share, says the company.
Altogether, Eureko is to pay e1.37bn for the remaining three quarters of Interamerican.