BNP Paribas to Acquire 9% Stake in Ageas for €730 Million

April 12, 2024

Cleary Gottlieb is representing BNP Paribas (BNPP), and its insurance subsidiary BNP Paribas Cardif, in the acquisition of a stake of approx. 9% in ageas SA/NV (Ageas) from Fosun Group, a global conglomerate consumer group listed on the Hong Kong Stock Exchange.

The total consideration is estimated to be approx. €730 million.

The transaction signed on April 12, 2024 (CET), and will be structured as off-market block trades in two tranches: a first tranche of 4.8% will be acquired in the days following signing, and the balance following the receipt of mandatory regulatory approvals.

Ageas is an international insurance group, listed on Euronext Brussels and supervised by the National Bank of Belgium. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, and operates insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with financial institutions and distributors. It represents a staff force of about 50,000 people and reported annual inflows of more than €17 billion in 2023.

For the BNP Paribas Group, the M&A aspects were managed and followed by the M&A/Private Equity team (Louis Philippe Vasconcelos, Group Head of M&A-Legal).