Papapolitis & Papapolitis is pleased to have advised ΕΥΡΩΠΗ HOLDINGS S.A. in its landmark transaction with CrediaBank, to be implemented through a share exchange and merger by absorption.
Under the agreed terms, CrediaBank and ΕΥΡΩΠΗ HOLDINGS S.A. shareholders will hold 90.375% and 9.625% of the combined entity respectively, with ΕΥΡΩΠΗ HOLDINGS S.A. shareholders receiving 1.446 newly issued CrediaBank shares for each ΕΥΡΩΠΗ HOLDINGS S.A. share held. The preliminary exchange ratio takes into account ΕΥΡΩΠΗ HOLDINGS S.A. distribution of EUR 45.5 million to its existing shareholders, the award of approximately 3.5 million new shares under its incentive plan and the sale of certain real estate properties at agreed prices.
ΕΥΡΩΠΗ HOLDINGS S.A. is an integrated insurance platform with a leading position in the Greek market, including leadership in property insurance and one of only two insurers licensed to issue surety bonds. The transaction is expected to support the development of an integrated bancassurance model in the general insurance sector and strengthen CrediaBank‘s revenue diversification.
The P&P team was led by M&A Partner Evi Tsilou, assisted by Senior Associates Anna Pavlaki and Antonia Rountou.
Congratulations to the KPC Finance team for their excellent work on this project.