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Investing.com -- Fairfax Financial Holdings has agreed to sell its 80% stake in Eurolife FFH’s life insurance operations to Eurobank Ergasias Services and Holdings for €813 million.
According to a statement released by the company, once the transaction is completed, Eurobank will become the sole owner of Eurolife’s life insurance business.
Fairfax will maintain its 80% ownership stake in Eurolife’s property and casualty insurance operations.
As part of the agreement, Fairfax will purchase a 45% stake in Eurobank’s Cyprus-based insurer ERB Asfalistiki for €59 million. The deal includes rights for Fairfax to acquire the remaining 55% ownership over time.
The companies expect the transaction to close in the first quarter.
Following the deal, Alexandros Sarrigeorgiou will assume the role of Executive Chairman while Vassilis Nikiforakis has been appointed as CEO of Eurolife’s general insurance unit.
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