French personal insurance provider CNP Assurances has finalized the acquisition of a 94% stake in Spanish insurer Skandia Vida, a unit of Skandia Insurance Company, which is, in turn, a subsidiary of Old Mutual.

The transaction, which was announced on December 20, 2006, has been approved by the Spanish regulatory authorities.

The acquisition is in line with the French insurer’s international development strategy, which focuses primarily on southern Europe. It gives the group a foothold in the Spanish individual life insurance market, alongside its operations in Italy and Portugal.

Under the terms of the deal, Skandia Vida will be renamed CNP Vida.