News

Eurohold Bulgaria and EBRD Approved a Deal for the Acquisition of a Minority Stake in Euroins Insurance Group

September 10, 2021

 

Еurohold Bulgaria AD informs its shareholders and the public that it is engaged in advanced discussions with European Bank for Reconstruction and Development (EBRD) for the acquisition of a minority stake in Euroins Insurance Group AD (EIG), the holding company consolidating Еurohold's insurance operations.

The deal has been approved at all corporate levels of the two parties but remains subject to an agreement on and execution of final transaction documents and satisfaction of contractual conditions to closing.

The investment of EBRD in EIG will be for an amount up to EUR 30 million and will be carried out through a capital increase of the insurance group. Еurohold will also participate in the capital increase procedure with a further equity capital injection of up to EUR 12 million.

Euroins Insurance Group will use the raised funds predominantly for the development and growth of the largest insurance entity within the group - Euroins Romania Asigurare Reasigurare SA, and additionally, to strengthen the holding’s market positions in Southeast Europe.

The EBRD has co-financed Еurohold’s acquisition of CEZ Group’s business in Bulgaria. 

 

Eurohold Bulgaria AD

Eurohold Bulgaria is a leading financial and energy group in the CESEE/FSU region, operating in the field of electricity distribution and supply, insurance, leasing, car sales, investment services and asset management. Eurohold is listed on the BSE and the WSE. Eurohold owns Euroins Insurance Group (EIG), one of the largest independent insurance groups in the CEE/SEE/FSU region, which operates in 13 countries and has subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Georgia, Russia and Belarus. EIG also operates in Greece and Poland, and has niche insurance operations in Spain, Italy, Germany and the United Kingdom. Currently the insurance group has more than 4 million clients and over 3,000 employees. Eurohold has recently acquired the subsidiaries of Czech energy group CEZ in Bulgaria through its fully-owned subholding Eastern European Electric Company, which now has more than 3,000 employees and provides services to nearly 3 million customers nationwide.

www.eurohold.bg

Share