Yesterday, 59,536,119 Eurobank shares were transferred from Eurolife AEAZ to Fairfax US Inc. in a pre-arranged transaction, for €246.9 million (i.e. €4.148 per share), as part of preparations for the transfer of 100% of Eurolife AEAZ from its immediate parent, Eurolife Group, to Eurobank.
On 22 October, the extraordinary general meeting of Eurolife Life Insurance Company (Eurolife AEAZ) approved the sale to Fairfax (US) Inc. (a related party) of its stake in Eurobank at its current market value. The transaction was completed yesterday, with Eurolife receiving €246.9 million.
The same resolution provides for the transfer to Fairfax US Inc. of a 10% stake in Grivalia Hospitality (i.e. 40,612,216 shares), for €55,353,597.55, as well as all CairoMezz shares held by Eurolife at their current market value.
Yesterday, a block trade in 106,975,519 CairoMezz shares was executed, equivalent to 34.6% of the listed company. According to stock market sources, this was a transfer of the Fairfax group’s entire position in CairoMezz, including the shares held by Eurolife until yesterday.
With the transfer of Eurolife AEAZ’s 10% stake in Grivalia Hospitality to Fairfax US, the insurer’s stake in Grivalia Hospitality will fall to 36.98%, while Eurobank holds 9.17%. The bank’s planned acquisition of 100% of Eurolife AEAZ will therefore not also give it control of Grivalia Hospitality.
Eurolife AEAZ will recognise no gain or loss on the transfer of its 10% stake in Grivalia Hospitality, as the consideration matches the valuation assigned to the investment as at 31 December 2025 (€260 million).
In total, Eurolife AEAZ’s proceeds from the sale of the above assets exceed €500 million.