Deals
Santander Pays Allianz $1.1 Billion to End Spanish Venture
- Ends Allianz long-term distribution deal with Santander unit
- Deal opens way for Aegon, Mapfre to become Santander partners
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Banco Santander SA agreed to pay 937 million euros ($1.1 billion) to buy Allianz SE out of an insurance joint venture in Spain, more than halving the value of the German insurer’s assets under management in the country.
Aegon NV and Mapfre SA are now set to become Santander’s insurance partners in Spain. Aegon is expected to purchase 51% in a joint venture that will sell life risk, health, accidents, home and other non-life products through Santander’s network. Mapfre is acquiring a 50% stake in a partnership to sell car insurance and insurance for small- and medium-sized businesses.