Private equity firm KKR has reached an agreement to become a majority shareholder in French insurance broker April Group.
The asset being acquired from CVC Capital Partners is valued at about €2.3bn ($2.4bn), reported Bloomberg News citing people familiar with the development.
April Group president and CEO Eric Maumy said: “After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale.
“This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders.”
The deal awaits usual legal and regulatory clearances.
By partnering with KKR, April intends to accelerate its development and digitalisation in the markets for borrowers, niche property and casualty, healthand personal protection, international health insurance and wealth management in France and internationally.
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In a press statement, April Group said: “Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level.”
Over the past few years, April Group launched APRIL X digital hub to boost digital capability as well as acquired ELOA and Comparadise to strengthen technological capability.
April Group, which has a network of 15,000 partner brokers, employs about 2,300 people.