Deals
Ageas Buys 31% of Aksigorta in Turkey Insurance Pact
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Ageas, the insurer formerly known as Fortis, agreed to buy 31 percent of Aksigorta AS, the latest Turkish non-life insurer to attract a foreign partner in a market expanding at an annual rate of 14 percent.
Ageas, based in Brussels and the Dutch city of Utrecht, agreed to buy half of Haci Omer Sabanci Holding AS’s controlling stake in Turkey’s fourth-largest property and casualty insurer for $220 million, the companies said in separate statements today. Ageas said it’s paying a 53 percent premium to Aksigorta’s Feb. 17 closing price in Istanbul.