JC Flowers buys Eurovita for €47m

Aviva previously owned a 39% stake, which has been acquired by JC Flowers for €33m. The GP committed capital from JCF III Europe. Banco Popolare is understood to have sold a 2.1% stake for around €1.2m, with the remaining shares sold by Finoa – a joint venture between the two parties that will be dissolved post-acquisition.

The deal is subject to approval from the Italian insurance regulator IVASS. Aviva will focus its Italian business on more capital-efficient products, the insurer said in a statement.

The transaction is expected to close in Q1 2014.

Company
Founded in 1990 and headquartered in Rome, Eurovita is an Italian life insurer that operates through a network of local and regional Italian banks. The company contributed £6m to Aviva's profit after minority interests in H1 2013.

Eurovita had assets of around £3bn at the end of June, according to Aviva.

People
James Christopher Flowers is chairman of JC Flowers.

Advisers
Vendor (Banco Popolare) – Clifford Chance (Legal).

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• Topics
• Southern Europe
• Financials
• Buyouts
• Italy
• JC Flowers