공시 • Aug 02
BlackRock, Inc. (NYSE:BLK), Allianz SE (XTRA:ALV), Generali Financial Holdings FCP-FIS Sub-Fund 2 fund managed by Generali Investments SpA, Hannover Rück SE (XTRA:HNR1) and T&D Holdings, Inc. (TSE:8795) completed the acquisition of an unknown stake in Viridium Holding AG from Cinven Limited.
BlackRock, Inc. (NYSE:BLK), Allianz SE (XTRA:ALV), Generali Financial Holdings FCP-FIS Sub-Fund 2 fund managed by Generali Investments SpA, Hannover Rück SE (XTRA:HNR1) and T&D Holdings, Inc. (TSE:8795) agreed to acquire an unknown majority stake in Viridium Holding AG from Cinven Limited for a transaction valued at approximately €3.5 billion on March 19, 2025. As part of consideration, the transaction value of approximately €3.5 million includes equity and debt financing. A consortium including Allianz, BlackRock and T&D Holdings will acquire ownership of Viridium Group from Cinven. Generali Financial Holdings and Hannover Re remain investors. Ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share. The consortium is structured to also enable the addition of other long-term financial investors. Through this transaction, Cinven exits from its majority investment in Viridium after more than a decade of developing a highly successful insurance business. Viridium will remain an independent stand-alone platform, led by the current management team. This partnership between leading financial institutions and Viridium will contribute to the development of the European closed-life market and will further provide the European insurance industry with optionality for the management of closed-life books.
The completion of the transaction is subject to regulatory and merger-control approvals, antitrust authorities and other customary closing conditions. The transaction is expected to close in the second half of 2025.
Carl-Philipp Eberlein, Daniel Möritz, Jan Häller, Ingo Berner, Sebastian Adam, Markus Ernst, Sarah Milde, Christian Dankerl, Henning Hilke, Michael Schramm and Matthias Rothkopf of Hengeler Mueller acted as legal advisor to the consortium and Allianz in the transaction. Morgan Stanley (NYSE:MS) acted as financial advisor to BlackRock, Inc. Wessel Heukamp, Verena Nosch, David Schwintowski, David Beutel, Thomas Granetzny, Ulrich Sittard, Martin McElwee, Aled Batey, Lukas Pomaroli and Martin Rehberg of Freshfields LLP acted as legal advisor to Cinven. Otto Haberstock, Michael Best, Tobias Deschenhalm, P+P Pöllath + Partners acted as legal advisor to the management of the Viridium Group in connection with the sale. Goldman Sachs International acted as financial advisor to Cinven Limited. Fenchurch Advisory Partners LLP acted as financial advisor to Cinven Limited. Kpmg acted as financial due diligence advisor to Cinven Limited. Ernst & Young Global Limited acted as tax due diligence advisor to Cinven Limited. Deloitte UK acted as accountant to Cinven Limited. Carsten Berrar and Peter Klormann of Sullivan & Cromwell (Germany) LLP acted as legal advisor to Viridium Holding AG. Christian Johnen, Timo Bühler and Marcel Nuys of Herbert Smith Freehills and Joseph Fisher of Herbert Smith LLP (Tokyo, Japan) acted as legal advisor to T&D Holdings, Inc. Michael Brellochs, Thomas Heitzer, Karl-Alexander Neumann, Sebastian Voigt, Fabian Badtke, Peter Bräutigam and Carsten Heinz of Noerr Partnerschaftsgesellschaft mbB, Florian Becker of Noerr LLP and Jens Peter Schmidt of Noerr LLP acted as legal advisor to Generali Investments SpA. Walter Uebelhoer and Heike Weber of A&O Shearman, Greg Brown of Allen Overy Shearman Sterling LLP and Andreas Hommel of Allen Overy Shearman Sterling SCS acted as legal advisor to lenders. Richard Youle, Jan Bauer, Katja Butler, Robert A Chaplin, James Sherlock, Jisun Choi and Usman A Sawar of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to BlackRock, Inc.
BlackRock, Inc. (NYSE:BLK), Allianz SE (XTRA:ALV), Generali Financial Holdings FCP-FIS Sub-Fund 2 fund managed by Generali Investments SpA, Hannover Rück SE (XTRA:HNR1) and T&D Holdings, Inc. (TSE:8795) completed the acquisition of an unknown stake in Viridium Holding AG from Cinven Limited on August 1, 2024. The consortium further announced that Santander Insurance and PG3, the family office of the three Partners Group co-founders, will replace Hannover Re as members of the consortium by September 30, 2025. Viridium’s policyholders will benefit from elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalize on the growth opportunities of a fragmented European life insurance industry.