Allianz has agreed to acquire the remaining 33.5 percent stake in Allianz Irish Life Holdings plc (AILH) not already owned by Allianz Group. Allianz aims to increase its stake in AILH from 66.5 percent currently to 100 percent. The total consideration for AILH minority interests is approximately 160 million euros ($US202 million), or 20.68 euros ($26.11) in cash per share.
AILH is the holding company for Allianz Ireland, the second-largest property and casualty insurance company in Ireland by premiums.
The acquisition is being implemented by means of a scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland and is subject to AILH shareholder approval and sanctioning by the Irish High Court, Allianz said in a statement.
Canada Life is the largest minority shareholder in AILH with a 30.4 percent stake, with other shareholders owning 3.1 percent. The transaction is supported by Canada Life.
Source: Allianz
Topics Mergers & Acquisitions
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