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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