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European Commission gives green light to Vienna Insurance Group for acquisition of Aegon CEE business

VIG still in dialogue with the Hungarian Ministry of Finance

On 12 August 2021, the European Commission decided to grant competition clearance to the acquisition of the Aegon business in Central and Eastern Europe (Hungary, Poland and Romania) by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG).

The necessary regulatory and competition law approvals are currently being obtained for the purchase agreement signed on 29 November 2020 for the acquisition of the Aegon companies in Hungary, Poland, Romania and Turkey. The approval of the Turkish competition authority has already been obtained. The transaction is currently still blocked by the decision of the Hungarian Ministry of the Interior, sent at the beginning of April 2021, which prohibits the planned acquisition by a foreign company.

"The positive decision of the European Commission is an important step and we also consider the approval under competition law as a positive sign for further coordination. We are still in a constructive dialogue with the Hungarian Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition," comments CEO Elisabeth Stadler.

For the formal closing of the transaction, the processes to obtain the necessary regulatory approvals from the national authorities are ongoing.