Eurobank to Acquire Full Ownership of Eurolife Life Insurance Operations
Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings to sell its 80% stake in Eurolife FFH's life insurance operations for €813 million.
Following the deal, Eurolife's life insurance business will be wholly-owned by Eurobank.
Fairfax will retain its 80% stake in Eurolife's property and casualty insurance operations, maintaining a presence in non-life insurance.
- Fairfax agreed to acquire a 45% stake in Eurobank's Cyprus-based insurer ERB Asfalistiki for €59 million.
- Fairfax has rights to acquire the remaining 55% of ERB Asfalistiki over time.
Author's summary: Eurobank buys Eurolife life insurance operations.
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