M&A Deal Summary

Piraeus Bank Acquires Ethniki Insurance

On March 13, 2025, Piraeus Bank acquired financial services company Ethniki Insurance from CVC Capital Partners for 600M EUR

Acquisition Highlights
  • This is Piraeus Bank’s 1st transaction in the Financial Services sector.
  • This is Piraeus Bank’s largest (disclosed) transaction.
  • This is Piraeus Bank’s 2nd transaction in Greece.

M&A Deal Summary

Date 2025-03-13
Target Ethniki Insurance
Sector Financial Services
Buyer(s) Piraeus Bank
Sellers(s) CVC Capital Partners
Deal Type Add-on Acquisition
Deal Value 600M EUR

Target

Ethniki Insurance

Athens, Greece
Ethniki Insurance is a provider of mortgage services throughout the nation. Ethniki Insurance is based in Athens, Greece.

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Buyer(S) 1

Buyer

Piraeus Bank

Athens, Greece

Category Company
Founded 1916
Sector Financial Services
Employees9,400
DESCRIPTION

Piraeus Bank provides a complete range of banking services and specializes in SMEs, retail banking, e-banking, and capital markets. Piraeus Bank’s network in Greece comprises 414 units. Piraeus Bank was founded in 1916 and is based in Athens, Greece.


DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (Greece) 2 of 2
Year (2025) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-16 Piraeus Bank - Merchant Acquiring Business

Athens, Greece

Piraeus Bank Merchant Acquiring (PBMA) business includes approximately 205,000 POS terminals at 170,000 merchants throughout Greece as well as the Bank’s online merchant acquiring business.

Sell -

Seller(S) 1

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 176 of 176
Sector (Financial Services) 7 of 7
Type (Add-on Acquisition) 65 of 65
Country (Greece) 2 of 2
Year (2025) 3 of 3
Size (of disclosed) 34 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-23 HCG

Bangalore, India

HCG is a large provider of cancer care by operating 23 specialist centers (c.2,000 beds), three multi-specialty hospitals and seven IVF clinics. The business has an expansive geographic footprint, strong brand recognition and a reputation for clinical excellence and successful outcomes. HCG was founded in Bangalore, India.

Sell -