Vienna Insurance Shares Stake in Hungary Unit to Save Aegon Deal
- Corvinus may get 45% in insurance group’s Hungarian operations
- Government stalled deal for months citing national interests
Aegon NV
Photographer: Koen Suyk/AFP/Getty Images
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Vienna Insurance Group AG agreed to share ownership of its Hungarian operations with a state investment fund after months of negotiations, in order to salvage an 830 million-euro ($941 million) deal to buy regional assets from Aegon NV.
The insurer will allow state-owned Corvinus Nemzetkozi Befektetesi Zrt. to buy a 45% stake in both VIG’s existing Hungarian subsidiary and the local Aegon units, according to the resolution announced late Wednesday. The Austrian parent company will keep a controlling interest and management rights.