Monday, January 23, 2023
HomeInsurance LawBE Group makes contemporary takeover transfer for Ageas

BE Group makes contemporary takeover transfer for Ageas

Funding agency BE Group is contemplating the acquisition of Belgian insurance coverage agency Ageasreported Bloomberg, citing sources. 

BE Group’s newest transfer comes after its earlier takeover approaches failed to materialise right into a deal. 

The investor group had just lately reached out to Ageas and it has been exploring options to finance the deal, the sources mentioned. 

Headquartered in Brussels, Ageas is valued at round €8.5bn, the report mentioned. 

BE Group has been pursuing Ageas for a while. In the summertime of 2020, Ageas turned down BE Group’s provide. 

Within the following 12 months, BE Group made a contemporary try to purchase the insurer. 

Any transaction could be one of many largest within the European monetary providers business, however BE Group might have bother gaining the help of Belgian stakeholders, the publication mentioned. 

BE Group is backed by Rabobank supervisory board members Mark Pensaert and Alexandre Kartalis, who’s the director of funding agency Superior Credit score Options. 

Ageas is engaged in providing property and casualty and life insurance coverage in nations, together with Belgium, France, and Portugal.

It additionally supplies auto insurance coverage options within the UK. 

Within the first 9 months of final 12 months, Ageas generated round €6.6bn in whole gross written premiums (GWP).

The talks are ongoing and there’s no certainty {that a} deal will materialise, the sources famous. 

For the transaction to materialise, BE Group would want help from Fosun Worldwide, a Chinese language conglomerate, which owns a ten% stake within the insurer. 

SFPI-FPIM, a Belgian government-backed funding agency, acquired a 6.3% stake in Ageas final 12 months to develop into the insurer’s second-biggest shareholder.



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