Published on 2 Jun 2023 on Zacks via Yahoo Finance

Aegon (AEG) Closes Central and Eastern European Units' Sale

Aegon N.V. AEG recently completed the sell-off of its Poland and Romania businesses, which forms the last step of divesting the insurance, pension and asset management business of AEG spread across Central and Eastern Europe to the Austria-based insurance group, Vienna Insurance Group AG Wiener Versicherung Gruppe (“VIG”).

The deal to divest the Central and Eastern European businesses spanning across Hungary, Poland, Romania and Turkey was inked by Aegon with VIG in November 2020 for €830 million.  The divestment was completed in three stages.

The first step to completing the deal related to selling AEG’s Hungarian businesses for €620 million, which got slightly delayed due to obstacles thrown by the Hungarian Government but was finally concluded in March 2022. A month later, Aegon announced the closure of its Turkish unit, thereby taking another step closer to the €830 million divestiture deal.