CNP to Buy 51% Stake in Santander Consumer Finance's Insurance Units for EUR290 Million
July 10 2014 - 02:56AM
Dow Jones News
By Noemie Bisserbe
PARIS--French insurance company CNP Assurances (CNP.FR) said
Thursday it had agreed to buy a 51% stake in Santander Consumer
Finance's life and non-life insurance units for about 290 million
euros ($395.76 million).
The sale is part of a distribution agreement between CNP and
Santander Consumer Finance, a unit of Spanish lender Banco
Santander (SAN), that will cover 10 European countries including
Germany, Italy and Spain, the French insurer said in a
statement.
In 2013, Santander's insurance subsidiaries reported revenue of
close to EUR600 million.
The EUR290 million price tag "may be adjusted upwards or
downwards based on financial performance observed in the following
years," it added.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
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