Eurohold Bulgaria, one of the leading independent financial and insurance groups in South-Eastern Europe, has raised $31 million from the investment fund Global Emerging Markets Group (GEM, Luxembourg), according to a press release from Euroins Ukraine (Kyiv).
According to him, the parties have already signed a commitment agreement. The investment was provided on the basis of equity financing through the purchase of shares in the Bulgarian holding.
The raised funds will be used by Eurohold to acquire the companies of CEZ Group in Bulgaria – one of the largest exporters of electricity in Eastern Europe, as well as to develop its insurance business. The long-term strategic goal of Eurohold is to become one of the leading independent financial service providers and energy market operators in Southeast Europe.
“We are pleased that GEM has decided to invest in our holding and support our investment strategy. The agreement with GEM is a sign of confidence in the quality of management and the chosen vector of development of our company,” Vasil Stefanov, the head of M&A department at Eurohold, said.
As reported, on January 19, the Bulgarian Energy and Water Regulatory Commission issued a permit to the financial and insurance holding Eurohold Bulgaria to purchase seven Bulgarian subsidiaries of CEZ Group.
GEM investment fund, Luxembourg, was founded in 1991 and manages assets in the amount of $3.4 billion. It specializes in investment instruments for emerging markets. To date, the fund has over 400 transactions in 70 countries around the world. The fund’s offices operate in New York, Los Angeles, Paris, Nassau (the Bahamas).
Eurohold Bulgaria, Sofia, was founded in 1996 and is one of the largest independent financial groups in the region of Central, Eastern and South-Eastern Europe. Eurohold Bulgaria shares are listed on the Warsaw Stock Exchange and the Bulgarian Stock Exchange.
Insurance is the largest segment in the portfolio of activities and the main source of income for Eurohold Bulgaria. Euroins Insurance Group (EIG), a member of the holding, is consolidating its operations in the regional insurance markets. The group operates in 11 countries and has subsidiaries in Bulgaria, Ukraine, Romania, North Macedonia, Georgia, Russia and Belarus. EIG has over 4 million customers and over 3,000 employees.
Eurohold’s business in Ukraine is represented by two insurance companies: Euroins Ukraine and European Travel Insurance.