Hogan Lovells advises CNP Assurances on its acquisition of Aviva's Italian life insurance business
Hogan Lovells has advised CNP Assurances on its acquisition of some of Aviva’s Italian life insurance businesses for €543 million, initiated on 4 March 2021.
CNP Assurances was founded in 1959 in France and is the leader in credit insurance and the 2nd life insurer in France. It is also the 7th largest European insurer. CNP Assurances and Aviva offer competitive and innovative savings and protection products.
The transaction’s scope includes the following Aviva's Italian life insurance entities: 51% of the life insurance company Aviva S.p.A., which is 49% co-owned by UniCredit; 100% of the life insurance company Aviva Life S.p.A.; and 92.99% of Aviva Italia S.c.a.r.l., with the remainder held by UniCredit Bank. The three companies will change their names to CNP Vita Assicura, CNP Vita Assicurazione and CNP Vita SCARL respectively.
The transaction is expected to make CNP Assurances the fifth-largest insurer in the Italian life insurance market, with a market share that will double to nearly 7% in terms of premium income.
According to the agreement signed in March 2021 between UniCredit S.p.A. and CNP Assurances, UniCredit may exercise, at its sole discretion and until 30 December 2021, a call option granted by CNP Assurances SA, allowing it to acquire the 51% stake held by CNP Assurances in Aviva S.p.A. at the price paid by CNP Assurances in the Aviva transaction plus a negotiated premium.
The Hogan Lovells team in Paris was composed of Stéphane Huten (partner), Paul Leroy (counsel), Ali Chegra (senior associate), and Maximilien Roland (associate) on corporate aspects; Sébastien Gros (partner), Ghina Farah (counsel) and Mohamed Boukesra (associate) on corporate/ regulatory insurance aspects; Mikael Salmela (partner) and Jessica Clemens-Jones on commercial contracts; Patrice Navarro (partner) on data protection aspects; Thierry Meillat (partner) on employment law aspects; Alexander Premont (partner) and Joseph Newton (senior associate) on banking aspects and Eric Paroche (partner) and Victor Levy (senior associate) on competition law.
The Hogan Lovells team in Milan and Rome was composed of Francesco Stella (partner), Martina Di Nicola (counsel), Francesco De Michele and Giuseppe Angio (associates) on corporate aspects; Fabrizio Grillo (senior associate) on employment law aspects; Silvia Lolli (counsel), Elisabetta Zeppieri (senior associate), Giulia Monacelli and Davide Valloni (associates) on insurance regulatory aspects; Giulia Mariuz (senior associate) on data protection and Maria Luce Piattelli (counsel) on intellectual property aspects.