NN Group strikes €155m acquisition in Slovakia, Czech Republic
Dutch NN Group has reached an agreement to acquire Aegon's life insurance business in the Czech Republic and Aegon's life insurance and pension businesses in Slovakia for a total consideration of €155 million.
This bolt-on acquisition is set to strengthen NN's position in the life insurance market and its distribution network in the Czech Republic and Slovakia, as well as the company’s position in the Slovakian pension market, according to NN Group.
The transaction will be funded from existing cash resources and is not expected to have a material impact on the operating result and Solvency II ratio of NN Group. The deal is expected to close by the end of the first quarter of 2019.
NN Group provides retirement services, pensions, insurance, investments and banking to approximately 17 million customers.
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