BUSINESS

EU nod for sale of Ethniki Asfalistiki to CVC Capital Partners

EU nod for sale of Ethniki Asfalistiki to CVC Capital Partners

Brussels has given its approval for the completion of the Ethniki Asfalistiki takeover by the CVC Capital Partners investment fund.

The European Commission’s Directorate General for Competition has offered its unreservedly favorable opinion regarding the acquisition of Greece’s biggest insurance company by CVC, deeming that its sale does not constitute any notable obstruction of competition.

According to sources at owner National Bank of Greece, the transaction will have been completed by the end of the year’s first half at the latest, opening the way for the payment of 234 million euros, plus another €220 million within five years.