Cleary Gottlieb represented the Italian banking group Capitalia in notifying the European Commission of its newly formed joint venture, FinecoVita, with the French insurance company CNP Assurances. The European Commission conferred the joint venture unconditional clearance.
Prior to the transaction, Capitalia had sole control of FinecoVita. In accordance with deal terms, Capitalia sold a 57.5% stake in FinecoVita to CNP Assurances for €575 million. FinecoVita is active in the production and distribution of life insurance policies in Italy.