Calon-Ségur sold to Suravenir Assurances3rd July, 2012 by db_staff
Château Calon-Ségur has been sold to Suravenir Assurances for €170 million, according to reports.
Reports from France say the sale was signed last Friday, just before the deadline agreed by both parties previously and the acquisition should take place before winter.
This is the largest transaction in the Bordeaux wine world this year.
Suravenir Insurance is the buyer according to the Sud-Ouest newspaper.
It is a subsidiary of banking group Arkéa, which works with three federations Mutual Credit: Brittany, Massif Central and Southwest. Suravenir, a specialist in life insurance, manages €25 billion in assets for €1.8 million customers.
Jean-Pierre Denis, president of Arkéa and of Crédit mutuel de Bretagne, commented on the acquisition, which is a first in terms of viticultural purchases for the financial group.
“We were looking for a well known estate – we didn’t want to rush into anything. Calon-Ségur has enormous potential,” he said.
“As with all insurance companies, we are looking to diversify our portfolio. This is a long term investment which makes a lot of economic sense, but it’ s also territorial ; the South West is one of our principal areas of activity, and through the purchase we are reinforcing our presence there through a really high quality estate.”
Yesterday a number of rumours surfaced that Saint-Estèphe third-growth Château Calon-Ségur was sold, but Calon-Ségur’s current owners were also unable to verify that an acquisition had taken place.