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.