BNP Paribas and Rothschild are advising French reinsurer Scor on its €655m ($836m) cash acquisition of German rival Revios Ruckversicherung. Lehman Brothers is advising Revios.

Scor said this morning that it would finance the acquisition with a €300m rights issue and the sale of a subordinated bond worth around €350m. Scor will pay €605m for 100% of the equity of Revios as well as €50m to cover debt repayments.