PARIS (Reuters) – Private equity firm CVC Capital Partners is in exclusive talks with French peer Evolem to buy its majority stake in insurer APRIL, the companies said in a statement on Saturday.
The full financial terms of the planned deal were not disclosed, though CVC is offering 22 euros per APRIL share for the 65.1 percent stake, the companies added.
The acquisition will be carried out by a vehicle controlled by CVC and in which Evolem will invest alongside APRIL’s management as minority partners, they said. Once the deal is completed, the acquisition vehicle will launch a bid for the remaining APRIL shares.
The transaction comes amid a wave of looming consolidation in Europe’s insurance sector, including in France, where reinsurer Scor <SCOR.PA> rejected an 8.2 billion euro (7.38 billion pounds) takeover bid from rival Covea in September.
(Reporting by Sarah White; editing by David Evans)