A consortium including Allianz, BlackRock and T&D Holdings has agreed to acquire ownership of Viridium Group (Viridium), a leading European life insurance consolidation platform, from its current private equity owner Cinven. The deal values Viridium at about €3.5 billion ($3.8 billion), including debt.
While Cinven exits from its majority investment in Viridium after more than a decade, Generali Financial Holdings and Hannover Re remain investors, joining the consortium.
This transaction will enable Viridium to continue growing successfully as an independent stand-alone platform, providing a financially secure outlook for its current 3.4 million and future policyholders. Closing remains subject to regulatory approvals.
The S&C team advising Viridium comprehensively, particularly with regard to all contractual matters for the sale relating to Viridium, its corporate bodies as well as on all regulatory and related aspects of the transaction, was led by Carsten Berrar and Peter Klormann and included Katharina Leonhardt and Johanna Bierlein.