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CNP Assurances, Banco Santander in $395 million deal for insurance in Europe

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French insurer CNP Assurances S.A. has entered into an agreement with Spain's Banco Santander S.A. to acquire a 51% stake in Santander's life and nonlife insurance units for €290 million ($395 million), Reuters reported.

The deal will create a new partnership that will cover 10 nations across Europe. The deal is expected to close before the end of 2014, reports Reuters.

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