Allianz Insurance Lanka Ltd. signed a deal to acquire a 100% stake in Janashakthi Insurance PLC subsidiary Janashakthi General Insurance Ltd. for 16.4 billion Sri Lankan rupees.
It was earlier reported that the two insurers were in talks for the acquisition of the insurance unit. The deal is expected to be sealed in the first quarter of 2018 and will be subject to regulatory approval.
Allianz Insurance Lanka is a unit of Germany's Allianz Group.
As of Feb. 2, US$1 was equivalent to 154.25 Sri Lankan rupees.
