CVC Capital Partners’ Fund VII has signed a definitive agreement with National Bank of Greece (NBG) to purchase 90.01% stake of Ethniki Insurance.

The deal values the entire holding at €505m, including an ‘earn-out’ payment of up to €120m, contingent upon meeting agreed performance targets by the bancassurance channel of NBG by 2026.

The deal also includes a 15-year Bancassurance partnership.

The completion of the deal is subject to several conditions including antitrust and regulatory approvals as well as a green light from NBG shareholders.

Founded in 1981, CVC Capital Partners is a private equity and investment advisory firm with 23 offices across Europe, Asia and the US.

Since its founding, CVC has secured more than $160bn in commitments from several institutional investors across its private equity and credit strategies.

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Currently, the entity manages around $118bn of assets. These funds are managed or advised by CVC Funds by investing in more than 90 companies across the globe with a combined workforce of around 450,000 people.

Currently, CVC Funds is approved by more than 15 financial regulators including BaFin (Germany), PRA (UK), FCA (UK), BMA (Bermuda), and FINMA (Switzerland).

It is also one of the most active investors in Greece and has a team in Athens.

According to the company, CVC Funds has invested more than €750m of equity since 2017 in several companies in Greece.