November 20, 2013
The sale is the first Latham has handled since the Aviva Group and UK panel was announced in August and the first time a private equity firm has purchased a controlling stake in an Italian insurance company.
Aviva plc has reached a conditional agreement to sell its entire 39% stake in Eurovita Assicurazioni S.p.A. to JC Flowers for a total consideration of €33m, payable in cash. The sale is subject to approval by IVASS, the Italian insurance regulator.
Eurovita is an Italian life insurer which distributes guaranteed savings products through a network of local and regional Italian banks.
The Latham & Watkins team was led by Milan corporate partner Fabio Coppola and corporate counsel Luca Pocobelli, together with associates Beatrice Magotti and Claudio Segna, and assisted by London corporate partner Martin Saywell.