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Take predictions and urban legends with skepticism: Luko is not France’s next unicorn, and Paul McCartney is not dead. Rumor has it now that Insurtech M&A is off the table. As for me, I’ll listen to the Beatles. — Anna
Questions about a “huge achievement”
Over the summer we learned that French insurtech Luko had avoided what appeared to be an impending insolvency by agreeing to allow the company to be acquired by British insurer Admiral Group. It wasn’t the journey the investors had in mind when they reportedly poured €72 million into the startup, but it wasn’t the end of the road.
However, a few days ago rumors surfaced that Admiral would abandon the purchase of Luko.
We won’t know for sure Luko’s fate until November 7, the next court deadline. But according to L’Argus de l’Assurance, the insurance-focused media outlet that got the scoop, the restructuring of the startup’s €45 million debt became a sticking point, with creditors BNP Paribas and Triple Point Ventures both hoping to get their money back. to get. back for each other.