Spanish life insurance consolidator Medvida has received regulatory approval for the acquisition of Madrid-headquartered CNP Partners.
CNP provides life insurance services to Spanish and Italian clients. It was originally set up in Spain in 2004 , and then expanded into Italy in 2006 following the acquisition of Skandia Vita. It manages investments of €2.4bn (£2bn, $2.5bn).
The financial terms of the deal were not disclosed.
The M&A deal was first announced in May 2022, and now Medvida has received all the relevant regulatory approvals for the purchase to complete.
Medvida said the acquisition marks “an important milestone” in its long-term strategy to grow its life operations in Europe.
Antonio Trueba, chief executive of Medvida, said: “We have been preparing an innovative project for the company, in Spain and Italy, which we would develop together with the company’s current employees, distributors and collaborators.”