Allianz SE (XTRA:ALV) signed agreement to acquire 15.5% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) from European Bank for Reconstruction and Development for €32.2 million on February 11, 2022. Under the agreement, Allianz SE will acquire 19.18 million shares at €7.8 per share. In a related transaction, Allianz entered into separate agreements to acquire 20.02% shareholders of the Company, including European Reliance’s executives and the Chief Executive Officer, 36.7% from other shareholders. Further, Allianz made the tender offer to acquire remaining shares at €7.8 per share. The transaction will results as the integration of European Reliance General Insurance Company S.A. activities with those of the Allianz Group's subsidiary in Greece with Christos Georgakopoulos as Chief Executive Officer. The transaction is subject to approvals required by the competent regulatory authorities, the Bank of Greece, the Hellenic Capital Market Commission and the Hellenic Competition Commission. As on June 8, 2022, the Bank of Greece approved the transaction. Alphacap acts as financial advisor and law firm Zepos & Yannopoulos acts as legal advisor to European Reliance General Insurance Company S.A.

Allianz SE (XTRA:ALV) acquired 15.5% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) from European Bank for Reconstruction and Development on July 28, 2022.