Piraeus Bank S.A. (OMTT.L), a subsidiary of Piraeus Financial Holdings S.A., Thursday announced a Share Purchase Agreement to acquire 90.01 percent stake in the parent company of Ethniki Insurance from CVC Capital Partners Fund VII for 600 million euros.
The cash deal is expected to diversify the resources of Piraeus, enhancing value creation for shareholders, while it will complement our product range.
The transaction is accretive for Piraeus in Earnings per Share by circa 5 percent and Return over average Tangible Book Value by circa 1 percentage point.
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