Caser to acquire 50% stake in life insurance operations of Caixanova and Gallego

Deal In Brief
Nov 11, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --

Grupo Caser, an insurance and reinsurance company, has signed an agreement to acquire a 50% stake in life insurance operations of Caja de Ahorros de Vigo, Ourense y Pontevedra (Caixanova), a retail and commercial bank.

Under the terms of the agreement, Caixanova will sell to Caser a 50% stake in life insurance operations of Banco Gallego, S.A., a provider of personal and commercial banking services. All the companies are based in Spain. The transaction is estimated to be valued between EUR115 million and EUR 120 million.

BNP Paribas S.A. is acting as advisor to Banco Gallego and Caixanova on the transaction.

Deal Value (US$ Million) 178.27
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-11-06

Deal Participants

Target 1 (Company) Caja de Ahorros de Vigo, Ourense y Pontevedra - Life Insurance Operations - Spain
Target 2 (Company) Banco Gallego, S.A. - Life Insurance Operations - Spain
Acquirer (Company) Grupo Caser
Vendor (Company)   Caja de Ahorros de Vigo, Ourense y Pontevedra

% Acquisition 50%