Brief: Vienna Insurance Group To Acquire 35% Of Hungarian Company VIG Magyarország Befektetesi Zrt.

Vienna Insurance Wiener Versicherung Gruppe AG

21/11/2023 10:49

Nov 21 (Reuters) - VIENNA INSURANCE GROUP WIENER
VERSICHERUNG GRUPPE AG  VIGR.VI :
    * INCREASES ITS STAKE IN HUNGARIAN BUSINESS FROM 55% TO 90%
    * HAS SIGNED A PURCHASE AGREEMENT TO ACQUIRE 35% OF
HUNGARIAN
HOLDING COMPANY VIG MAGYARORSZÁG BEFEKTETESI ZRT., WHICH IS
CURRENTLY HELD BY HUNGARIAN STATE HOLDING COMPANY CORVINUS
    * AFTER TRANSACTION IS COMPLETED, VIG'S STAKE IN HOLDING
WILL
INCREASE FROM 55 TO 90%
    * CORVINUS WILL KEEP A STAKE OF 10%
    * SUBJECT TO APPROVAL BY HUNGARIAN NATIONAL BANK, CLOSING IS
EXPECTED TO TAKE PLACE AT END OF NOVEMBER 2023
    * PARTIES HAVE AGREED NOT TO DISCLOSE PURCHASE PRICE
    * CORVINUS INTERNATIONAL INVESTMENTS ZRT., AN INVESTMENT
MANAGEMENT COMPANY OF HUNGARIAN STATE, CONTINUES TO HOLD A 10%
STAKE IN HUNGARIAN HOLDING COMPANY

Further company coverage:  VIGR.VI 

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