Reinsurance News

VIG’s Aegon acquisition blocked in Hungary

21st September 2021 - Author: Matt Sheehan

Vienna Insurance Group (VIG) has hit a roadblock in its pending acquisition of Aegon’s businesses in Central and Eastern Europe, after a decision by Hungarian authorities to block the deal was upheld.

Last year, Aegon reached an agreement to sell its insurance, pension, and asset management operations in Hungary, Poland, Romania, and Turkey to VIG for €830 million.

The agreement was cleared by the European Commission last month, but faced disruption from an earlier move by the Hungarian Ministry of Interior to prohibit the takeover of Aegon’s business in the country by a foreign company.

VIG, jointly with Aegon, took legal action against this decision and filed a complaint with the Budapest Metropolitan Court on 5 May 2021, but the Court has since decided to dismiss the complaint.

“We regret this interim procedural step and will appeal against the decision of the Budapest Metropolitan Court to the Hungarian Supreme Court within the next 30 days,” said VIG CEO Elisabeth Stadler. “Irrespective of this, we are continuing the constructive dialogue with the Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition.”

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