Vienna Insurance, Hungarian holding company establish cooperation

Vienna Insurance Group AG has agreed on the details of its cooperation with Hungarian state holding company Corvinus Nemzetközi Befektetési Zrt.

Under the cooperation, Corvinus will acquire a 45% noncontrolling minority interest in VIG Magyarország Befektetési Zrt, Aegon Hungary Holding BV and Aegon Hungary Holding II BV for about €350 million.

Vienna Insurance will retain a 55% controlling majority interest in the three companies.

The transaction is subject to necessary regulatory and competition approvals, as well as the closing of a transaction under which Aegon agreed to sell its insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey to Vienna Insurance for €830 million.

VIG Magyarország is a Hungarian holding company that will hold 98.64% of UNION Vienna Insurance Group Biztosító Zrt's shares, while Aegon Hungary Holding and Aegon Hungary Holding II are Dutch holding companies that will hold 100% of Aegon's Hungarian companies.

The three holding companies would later be merged, with VIG Magyarország becoming the "central steering unit."