J.C. Flowers & Co. in €243.6 Million Acquisition of Fidea from KBC

Cleary Gottlieb is representing J.C. Flowers & Co. in its €243.6 million acquisition of Fidea (Belgium) from the KBC group. The transaction was signed on October 17, 2011 and is expected to be completed in the first quarter of 2012, subject to customary regulatory approvals. The divestment of Fidea is part of KBC’s wider restructuring plan, approved by the European Commission, following government support received by KBC in 2008.

Fidea is a complementary insurance distribution channel (under a separate brand name) that KBC used in addition to its core bancassurance platform built around tied insurance agents and bank branches. It employs 316 people and has a market share of about 1.5%. It offers a complete range of non-life, life and investment-type insurance products to private customers, SMEs and corporate clients.

J.C. Flowers & Co. is a global investment adviser and private fund manager focused solely on the financial services industry.

KBC is a bank and insurance group with home markets in Belgium and Central and Eastern Europe. In Belgium, it provides banking and insurance services under the KBC and CBC brand names.