Add-on Acquisition • Financial Services

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 Context
  • 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.

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M&A Deal Summary

Date March 13, 2025
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 Company

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 Overview 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 Context for Buyer #
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 Profile 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 Context for Seller #
Overall 177 of 181
Sector: Financial Services 7 of 8
Type: Add-on Acquisition 66 of 69
Country: Greece 2 of 2
Year: 2025 4 of 8
Size (of disclosed) 35 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-24 Skybox Security

San Francisco, California, United States

Skybox Security is a provider of firewall network compliance and IT risk analysis software for cybersecurity. Skybox Security helps customers predict and prevent critical IT security and compliance exposures before they cause harm, even on the most complex IT networks. Skybox Security was founded in 2002 and is based in San Jose, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-18 Macromill

Tokyo, Japan

Macromill is a provider of internet research services. Macromill was founded in 2000 and is based in Tokyo, Japan.

Buy ¥44.8B