Catalana Occidente Group, a leading insurance company in Spain, has acquired the insurance and funeral business of Previsora Bilbaína Group, a Basque company specializing in funeral insurance.
The transaction was closed at €125 million, €92 million linked to the insurance business and insurance mediation, and €33 million to the funeral business. The transaction is subject to authorization by the competition authorities and the Directorate General of Insurance.
This acquisition gives Catalana Occidente a Spanish market share in funeral insurance of over 5%. Previsora Bilbaína will retain managerial autonomy and all its employees.
Cuatrecasas, Gonçalves Pereira has advised Catalana Occidente Group on the acquisition through a multidisciplinary team from its Corporate and Commercial, M&A, Competition Law, Intellectual Property, Tax, Litigation, and Labor and Employment Practices. Partners Víctor Xercavins and Gerard Correig and associate Roger Freixes led the transaction.
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