Hogan Lovells advised Mapfre on the acquisition of Direct Line in Italy and Germany
01 June 2015
Hogan Lovells advised Spanish insurer Mapfre on the acquisition of Direct Line in Italy and Germany for €550 million. The transaction, announced last September, was completed on 29 May 2015 with the reception of all the regulatory clearances in both countries, as well as authorisation from the EU competition authorities.
The acquisition will add 1.6 million clients to Mapfre's client base, strengthening its presence in Continental Europe and confirming its commitment to the online direct insurance business.
Hogan Lovells advised both on the acquisition and on the regulatory and competition aspects with a cross-border team comprising lawyers in the UK, Spain, Italy and Germany. The team was led by Mapfre relationship partner Joaquin Ruiz Echauri in Madrid, and corporate insurance partner Charles Rix and senior associate Richard Diffenthal in London. Partners Casto González-Páramo (Madrid), Christoph Louven (Dusseldorf), Jeff Greenbaum (Rome) and Francesco Stella (Milan) provided competition, regulatory and corporate advice.