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Announced

Ageas Insurance International to acquire a 40% stake in Aviva Emeklilik ve Hayat for £122m.

Financials

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Transaction Value£122m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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insurance

Pending

Private

Cross Border

Insurance Brokers

Friendly

Majority

Turkey

Acquisition

Single Bidder

Synopsis

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Ageas Insurance International, a manager of funds, trusts, and foundations organized for purposes other than religious, educational, charitable or nonprofit research, agreed to acquire a 40% stake in Avivax Emeklilik ve Hayat, a joint venture between insurance firms Aviva and Sabancı, for £122m ($172m). Sabancı will retain its 40% shareholding in a JV. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021. In March 2014, Aviva sold its Turkish general insurance business Aviva Sigorta to a private equity consortium led by EMF Capital Partners.

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