Sale of TU Europa Insurance Company
On December 14, 2011, the Getin Holding S.A. Capital Group signed a transaction agreement on the sale of TU Europa Group1), the leading bancassurance group in Poland, and on strategic co-operation with the purchasers.
The transaction partners are Talanx International, the third largest insurance group in Germany (EUR 23 billion gross written premium in 2010), and Meiji Yasuda, the bancassurance leader and second largest life insurer in Japan (EUR 33 billion written premium in 2010).
The agreement concerned:
-
sale of a 50% stake + 1 share to Talanx
-
title to purchase shares within the tender offer announced by Talanx for Meiji Yasuda
-
starting strategic co-operation with Talanx and Meiji Yasuda
Due to the announced take-over of more than 50% of TU Europa's shares by Talanx the tender offer took place. After the closure on June 1st, 2012 Talanx and Meiji Yasuda had 77,97% of shares, while Getin Holding became a minority shareholder with 16,54% of shares.