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Banco Popolare Sc Signs Agreement with Aviva Italia Holding SpA and Finoa Srl to Sell Eurovita Assicurazioni SpA to Funds Advised by U.S. Private Investment Firm J.C. Flowers & Co.


Monday, 18 Nov 2013 01:50am EST 

Banco Popolare Sc (BP) announced that, together with Aviva Italia Holding SpA (AVIVA) and Finoa Srl (FINOA) have signed an agreement to sell 79.62% of Eurovita Assicurazioni SpA (EUROVITA) to JCF III Europe Sarl, an SPV of the Private Equity Fund JC Flowers & Co (JCF), for a total consideration of EUR 47 million. JCF is a U.S. investment firm, focused on the financial and insurance services industries. EUROVITA is an insurance company founded in 1990, that distributes its products through a network of Italian local and regional banks. The company is owned 77.55% by FINOA, a 50% Joint Venture between Banco Popolare and AVIVA whose single material asset is the participation in EUROVITA, and by Banco Popolare, which owns a 2.07% stake. The transaction is scheduled to be finalized within the first quarter of fiscal year 2014, after the required authorizations from the competent authorities have been obtained. BP has been advised by the Law Firm Clifford Chance. 

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